{"id":7462,"date":"2021-03-26T19:27:52","date_gmt":"2021-03-26T19:27:52","guid":{"rendered":"https:\/\/dailyrapidnews.com\/eng\/?p=7462"},"modified":"2021-03-26T19:27:52","modified_gmt":"2021-03-26T19:27:52","slug":"suez-canal-blockage-may-cost-up-to-10-bn-due-to-trade-loss-german-insurer","status":"publish","type":"post","link":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/26\/suez-canal-blockage-may-cost-up-to-10-bn-due-to-trade-loss-german-insurer\/","title":{"rendered":"Suez Canal blockage may cost up to $10 bn due to trade loss: German insurer"},"content":{"rendered":"<p>A container ship blocking the Suez Canal could cost global trade $6 billion to $10 billion a week, a study by German insurer Allianz showed on Friday.<\/p>\n<p>The study by Europe\u2019s biggest insurer also found that each week of immobilisation shaves some 0.2 to 0.4 percentage points off annual trade growth.<\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7441\" src=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Attempt-to-refloat-megaship-blocking-Egypt-Suez-Canal-fails-company-rapidnews-dailyrapid-dailyrapidnews.jpg\" alt=\"Attempt-to-refloat-megaship-blocking-Egypt-Suez-Canal-fails-company-rapidnews-dailyrapid-dailyrapidnews\" width=\"500\" height=\"330\" srcset=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Attempt-to-refloat-megaship-blocking-Egypt-Suez-Canal-fails-company-rapidnews-dailyrapid-dailyrapidnews.jpg 500w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Attempt-to-refloat-megaship-blocking-Egypt-Suez-Canal-fails-company-rapidnews-dailyrapid-dailyrapidnews-300x198.jpg 300w\" sizes=\"auto, (max-width: 500px) 100vw, 500px\" \/><\/p>\n<p>\u201cThe problem is that the Suez Canal blockage is the straw that breaks global trade\u2019s back,\u201d the study\u2019s authors wrote.<\/p>\n<p>\u201cFirst, suppliers\u2019 delivery times have lengthened since the start of the year and are now longer in Europe than during the peak of the COVID-19 pandemic.\u201d<\/p>\n<p class=\"\"><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-7439\" src=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Attempt-to-refloat-megaship-blocking-Egypt-Suez-Canal-fails-company-rapidnews-dailyrapid.jpg\" alt=\"Attempt-to-refloat-megaship-blocking-Egypt-Suez-Canal-fails-company-rapidnews-dailyrapid\" width=\"800\" height=\"450\" srcset=\"https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Attempt-to-refloat-megaship-blocking-Egypt-Suez-Canal-fails-company-rapidnews-dailyrapid.jpg 800w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Attempt-to-refloat-megaship-blocking-Egypt-Suez-Canal-fails-company-rapidnews-dailyrapid-300x169.jpg 300w, https:\/\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Attempt-to-refloat-megaship-blocking-Egypt-Suez-Canal-fails-company-rapidnews-dailyrapid-768x432.jpg 768w\" sizes=\"auto, (max-width: 800px) 100vw, 800px\" \/><\/p>\n<p class=\"\">The length of delivery times in the United States was twice as bad, the study said, as inventories are depleted on expectations that President Joe Biden\u2019s massive stimulus package will boost demand.<\/p>\n<p>The Suez Canal stepped up efforts on Friday to free the giant stuck container ship and end a blockage that has sent shipping rates for fuel tankers soaring and disrupted global supply chains.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A container ship blocking the Suez Canal could cost global trade $6 billion to $10<\/p>\n","protected":false},"author":1,"featured_media":7463,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[2],"tags":[],"class_list":["post-7462","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"yoast_head":"<!-- This site is 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Prices, however, were still headed for a third consecutive weekly loss, with the outlook for demand\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-prices-rise-on-fears-Suez-blockage-may-last-weeks-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-prices-rise-on-fears-Suez-blockage-may-last-weeks-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7767,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/29\/oil-falls-on-hopes-suez-canal-blockage-may-end-soon\/","url_meta":{"origin":7462,"position":1},"title":"Oil falls on hopes Suez Canal blockage may end soon","date":"March 29, 2021","format":false,"excerpt":"Oil fell on Monday as a container ship blocking Suez Canal for nearly a week was partially refloated, raising hopes the busy waterway would soon be reopened and as fuel demand in Europe stayed weak. Brent oil was down $0.29, or 0.5%, at $64.28 a barrel by 0854 GMT. US\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-falls-on-hopes-Suez-Canal-blockage-may-end-soon-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-falls-on-hopes-Suez-Canal-blockage-may-end-soon-rapidnews-e1617029163980.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7438,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/26\/attempt-to-refloat-megaship-blocking-egypts-suez-canal-fails-company\/","url_meta":{"origin":7462,"position":2},"title":"Attempt to refloat megaship blocking Egypt\u2019s Suez Canal fails: company","date":"March 26, 2021","format":false,"excerpt":"An attempt to refloat a megaship blocking Egypt\u2019s Suez Canal failed Friday, the vessel\u2019s managers said, as the crisis forced companies to re-route services from the vital shipping lane around Africa. The MV Ever Given, which is longer than four football fields, has been wedged diagonally across the entire canal\u2026","rel":"","context":"In &quot;World&quot;","img":{"alt_text":"Attempt-to-refloat-megaship-blocking-Egypt-Suez-Canal-fails-company-rapidnews-dailyrapid","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Attempt-to-refloat-megaship-blocking-Egypt-Suez-Canal-fails-company-rapidnews-dailyrapid.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":8128,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/04\/03\/suez-canal-shipping-backlog-ends-days-after-giant-vessel-freed\/","url_meta":{"origin":7462,"position":3},"title":"Suez Canal shipping backlog ends, days after giant vessel freed","date":"April 3, 2021","format":false,"excerpt":"All ships stranded by the grounding of the\u00a0giant container ship Ever Given\u00a0in the Suez Canal in March had passed through the canal by Saturday, ending the backlog that built up during the blockage, the canal authority said. The last 61 ships, out of 422 ships that were queuing when the\u2026","rel":"","context":"In &quot;World&quot;","img":{"alt_text":"a-man-waves-an-egyptian-flag-as-ship-ever-given-one-of-the-world-s-largest-container-ships-is-seen-after-it-was-fully-floated-in-suez-canal-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/04\/a-man-waves-an-egyptian-flag-as-ship-ever-given-one-of-the-world-s-largest-container-ships-is-seen-after-it-was-fully-floated-in-suez-canal-rapidnews-e1617462406297.jpeg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7692,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/29\/suez-canal-authority-says-stranded-ship-partially-refloated\/","url_meta":{"origin":7462,"position":4},"title":"Suez Canal Authority says stranded ship partially refloated","date":"March 29, 2021","format":false,"excerpt":"A massive container ship blocking Egypt's Suez Canal for\u00a0nearly a week\u00a0has been partially refloated, the Suez Canal Authority (SCA) said, raising hopes the busy waterway will soon be reopened. The 400 metre-long Ever Given became jammed diagonally across a southern section of the canal in high winds early last Tuesday,\u2026","rel":"","context":"In &quot;World&quot;","img":{"alt_text":"Suez-Canal-Authority-says-stranded-ship-partially-refloated-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Suez-Canal-Authority-says-stranded-ship-partially-refloated-rapidnews-dailyrapid.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":7324,"url":"https:\/\/dailyrapidnews.com\/eng\/2021\/03\/25\/oil-falls-as-demand-concerns-outweigh-suez-canal-disruptions\/","url_meta":{"origin":7462,"position":5},"title":"Oil falls as demand concerns outweigh Suez Canal disruptions","date":"March 25, 2021","format":false,"excerpt":"Oil prices fell on Thursday as a new round of coronavirus restrictions in Europe revived worries about demand for oil products, even as tug boats struggled to move a stranded container ship blocking crude oil carriers in the Suez Canal. Brent crude slid $0.62, or 1%, to $63.79 a barrel\u2026","rel":"","context":"In &quot;Business&quot;","img":{"alt_text":"Oil-falls-as-demand-concerns-outweigh-Suez-Canal-disruptions-rapidnews","src":"https:\/\/i0.wp.com\/dailyrapidnews.com\/eng\/wp-content\/uploads\/2021\/03\/Oil-falls-as-demand-concerns-outweigh-Suez-Canal-disruptions-rapidnews.jpg?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/7462","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/comments?post=7462"}],"version-history":[{"count":1,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/7462\/revisions"}],"predecessor-version":[{"id":7464,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/posts\/7462\/revisions\/7464"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media\/7463"}],"wp:attachment":[{"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/media?parent=7462"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/categories?post=7462"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyrapidnews.com\/eng\/wp-json\/wp\/v2\/tags?post=7462"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}