InvestorQ : What is the latest status on the liner that is stuck in the Suez Canal for more than a week?
manisha Kolvenkar made post

What is the latest status on the liner that is stuck in the Suez Canal for more than a week?

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Crowny Pinto answered.
2 months ago
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It is exactly where it was. The 400-meter ocean liner is stuck diagonally in the Suez Canal which at its narrowest is just about 200-meter wide. The block of the canal was caused by the large oil container running aground and that disrupted oil movements sharply. However, Suez Canal route is now much smaller as it only essentially carries Middle East oil to the European nations and a small part of it to Canada.

Today, the biggest Middle East consignments are headed to Asian countries like India, Japan, Korea and China. They do not need to use the Suez Canal. Effectively, Suez Canal only carries about 10% of the world trade today, unlike in the past when Asian demand was not so high. Most of American oil tends takes the Pacific route. When the Suez Canal was blocked for 8 years in 1967, most trade shifted and that has remained ever since.

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