Egypt's Suez Canal & Ever Given - INR 73,000 Crore - 3rd update

Kabilan Kempraj -


The total cost of the six-day siege of the Suez Canal by the cargo ship Evergreen was USD$ 1 Billion.

Cairo,

The Suez Canal Authority of Egypt has estimated that the total cost of the Evergreen cargo ship, which was blocked for six days on the Suez Canal, could reach more than USD$ 1 Billion (approximately  73,000 Crore in Indian currency).


The world's largest cargo ship, the Ever Given, owned by a Japanese company, capsized on 23rd as it passed through the Suez Canal in Egypt, one of the world's major Canal system waterways. The shipping company said the ship was stranded across the canal due to a dust storm.



The Suez Canal, a waterway connecting Asia and Europe, connects Mediterranean and the Red Sea. As a result, shipping on the canal, which is used for 20 percent of the world's trade, was completely disrupted.


More than 450 cargo ships, including crude oil and livestock, lined up on both sides of the canal. According to Egyptian Experts, the loss resulted to Rs 65,000 crore per day in international trade.


Meanwhile, the task of moving the giant cargo ship off the coast and re-floating it has been going on day and night for the past few days with giant debris removal machines and more than 15 tug boats. The Evergreen cargo ship was moved from shore last Monday as a result of an intensive rescue operation that lasted exactly one week and began to float again. The Suez Canal returned to normal in the evening following the removal of the ship. Subsequently, shipping on the Suez Canal resumed.


The Ever Given is currently anchored at the Great Bitter Lake on the Suez Canal. Suez Canal chief Osama Rabie said the ship would remain there until a full investigation into the incident was completed.


We have been calculating the total amount of money we have spent to recover the ship since the first day of the Ever Given sinking. The total cost is estimated to be approximately USD$ 1 Billion.

www.sisesys.blogspot.com

Location: Thoothukudi, Tamil Nadu, India

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