Egypt’s Suez Canal: blockage halts trade of at least 6.3 million barrels of crude oil worth US$400 million

The trade of at least US$400 million of crude oil as well as liquefied natural gas (LNG), refined fuels and containers full of goods have come to a standstill in one of the world’s key shipping routes, with millions of dollars more at risk after a massive container ship ran aground in the Suez Canal on Tuesday.

Frantic efforts are under way to free the 400-metre long, 200,000-tonne Ever Given, one of world’s largest container ships, after it was blown off course by strong winds and blocked the canal at the 151km mark.