The administration of the Suez Canal promised to eliminate traffic jams in both directions within three days.
The Suez Canal is a lock-less shipping channel in Egypt, connecting the Mediterranean and Red Seas. The channel zone is considered a conditional border between two continents, Africa and Eurasia. About 12% of world trade passes through the Suez Canal.
As previously reported, on March 23, one of the world's largest container ships, owned by Evergreen Marine, ran aground in the Suez Canal and blocked traffic on it. More than 400 ships were caught in a traffic jam. On March 29, the ship was able to be lifted from the shoal. In the evening of the same day, navigation on the channel resumed.
The transport collapse cost the world economy almost ten billion dollars a day. This has led to higher prices worldwide for transportation and, as a result, for goods.
According to Bloomberg, the blockade of maritime transport caused daily damage to the global economy in the amount of about 9.6 billion dollars.