This satellite image from Cnes2021, Distribution Airbus DS, shows the cargo ship MV Ever Given stuck in the Suez Canal near Suez, Egypt, Thursday, March 25, 2021.
The skyscraper-sized cargo ship wedged across Egypt's Suez Canal further imperiled global shipping Thursday as at least 150 other vessels needing to pass through the crucial waterway idled waiting for the obstruction to clear, authorities said.
The iconic shipping journal Lloyd’s List estimates that goods worth $9.6 billion pass through the canal every day.
Jim Burkhard, who heads crude oil research at IHS Markit, said the impact on the global oil market will be limited if the canal is cleared soon.
Wood Mackenzie analyst Lucas Schmitt said only a few LNG shipments were near the canal when the blockage occurred.