Dislodging the Ever Given from the Suez Canal will take at least a week, effectively delaying supply chains and increasing costs, according to Bloomberg.
- The 200,000-ton Ever Given will require about a week and potentially longer. Efforts were initially expected to last only a couple of days.
- Should cargo be unloaded from the vessel or extensive repairs be made, the downtime could last at least two weeks.
- Work since Tuesday has so far been unsuccessful. The waiting queue of carriers of oil and consumer goods has since risen to over 300 from 186 on Wednesday.
- The delay threatens European companies that rely on Asian imports, and consumers of fast online purchases.
- Analysts say the blockage will bring about increased potential for stock-outs in consumer goods, and risk manufacturing supply chains already hit by Brexit and commodity shortages.
- The blockage is currently holding up about 2 million barrels a day of oil flows. Global manufacturers are already preparing for delays to shipment of finished goods and materials.