In the light of a huge container ship blocking the Suez Canal, some insightful minds are wondering: why haven't governments concerned created backup measures in case of large-scale disruptions?
The sudden blockage has halted global container flows and oil shipments as Suez Canal handles more than 10% of international trade.
BILLIONS worth of products are in danger of being wasted after the Ever Given container ship blocked the Suez Canal this week when a gust of wind caused it to lose its course.
The sudden blockage has halted global container flows and oil shipments as Suez Canal handles more than 10% of international trade.
This, as Egyptian authorities reported that the ship has been partially refloated in what appears to be a first step to finally freeing it from the Suez Canal.
Stranded ship at Suez, Canal from Times of India
The Suez Canal Authority (SCA) authority's chief, Osama Rabie, said workers used "pulling maneuvers" to move the ship.
He confirmed in a statement that the ship is now partially floated and turned in the right direction.
The shipping traffic monitoring site, MarieTraffic.com, said satellite data showed the ship's bow has been moved, but there is "still some work to do."
The Suez Canal links the Mediterranean and the Red Sea.
Along with the Panama Canal that links the Atlantic and Pacific Oceans, and the Strait of Hormuz at the mouth of the Persian Gulf, the Suez Canal allows container ships and oil tankers to travel through numerous ports.
The waterways are strategic, and are susceptible to military or terror attacks. For years, Iran has used the Strait of Hormuz to pressure foreign powers and obtain leverage during arms and trade negotiations. (Monica Otayza)
Tags: #SuezCanal, #backup, #globaltrade