100 SHIPS WITH OIL/REFINED PRODUCTS IN MARINE JAM
More than 360 vessels have been stranded in the Mediterranean to the north and in the Red Sea at the other end – as well as in holding zones – since giant container ship MV Ever Given was wedged diagonally Tuesday across the Suez, a lifeline for world trade.
Industry experts have estimated the total value of goods marooned at sea at anywhere between $3 billion and $9.6 billion.
Some 1.74 million barrels of oil a day is normally shipped through the canal, but 80 per cent of Gulf exports to Europe pass through the Sumed pipeline that crosses Egypt, according to Paola Rodriguez Masiu of Rystad Energy.
According to MarineTraffic, about 100 ships laden with oil or refined products were in holding areas on Sunday.
Crude prices shot up on Wednesday in response to the Suez blockage before dropping the next day. Sanctions-hit Syria, however, on Saturday announced a new round of fuel rationing after the hold-up delayed a shipment of oil products from ally Iran.