The Suez Canal is experiencing a monster traffic jam after a container ship ran aground and sealed off the passage in one of the world's most heavily trafficked waterways.
What Happened: The Ever Given, an ultra-large container ship owned by the Taiwanese shipping company Evergreen Marine Corporation and traveling under a Panamanian flag, was part of a northbound convoy traveling through the canal this morning when it ran aground at the canal's southern end.
Initial press reports stated the vessel experienced a power failure, but the ship's operator later confirmed the accident occurred after the 220,000-ton ship was blown off course by heavy winds.
The Suez Canal Authority initially stated the blockage could last several days, but as of this writing, the agency stated the Ever Given was partially moved alongside a canal bank.
Why It Matters: The 120-mile-long Suez Canal witnesses the transportation of 12% of the world's trade, with 50 ships per day navigating its waters. This activity includes the transport of 8% of all liquefied natural gas commerce.
The Ever Given was traveling from Yantian, China, to Rotterdam when its mishap occurred.
The Ever Given. Photo courtesy of the NOAA National Ocean Service.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.