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The Battle Over Damages From the Suez Canal Closure Is Just Beginning
Posted
March 30, 2021
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0:50Now PlayingIn the end, it took roughly six days and seven hours to undo the minutes of drama that exposed the vulnerability of global trade and captivated the world. It may take longer to figure out how to avoid it happening again.
At just after 3 p.m. local time on Monday, the Ever Given was dislodged from a sand bank in the Suez Canal by tugboats pushing and pulling to rock it loose. To cheers from the dozens of crew working on the effort to refloat it and relief among Egyptian authorities, the enormous 21st century container ship that got stuck in a waterway first opened in 1869 was free. The backlog of about 400 ships started moving that evening.
“Despite the difficult situation we’ve confronted, Egyptians stood beside their leadership and their country and endured the crises and registered their joy,” President Abdel Fattah El-Sisi declared at a press conference on Tuesday alongside Osama Rabie, the chief executive of the Suez Canal Authority.
Yet, the fallout from the incident in such a vital artery of the globalized economy is just beginning. Insurers are already totting up the cost and who might be on the hook, but the real focus is quickly shifting to what went wrong.
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