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I'm wondering what how this will affect the world economy? There are estimates that usually there goes 9.6 billion dollars worth of cargo through the canal dail

I'm wondering what how this will affect the world economy? There are estimates that usually there goes 9.6 billion dollars worth of cargo through the canal daily [0]. That means every minute it is blocked costs 4.7 million dollars. I'd guess some shipping companies have already started going around Africa. How much delay does that add and what are it's possible effects for Europe's supply chain? 0: https://www.aljazeera.com/economy/2021/3/25/suez-blockage-seen-halting-9-6-billion-a-day-of-ship-traffic https://www.aljazeera.com/economy/2021/3/25/suez-blockage-se...

londons_explore 6y ago
Some time-sensitive goods that are delayed will now have replacements sent by air freight. Air freight prices will rise even further. Lower value goods will just be delayed. Bulk cargoes especially. Expect shortages and price rises of oil, coal, iron ore, etc. Ships will divert round Africa. That will increase fuel costs, increase shipping time by about 3 weeks, and reduce shipping capacity.