Suez blockage sets shipping rates racing, oil and gas tankers diverted away – News 24-7 Live News 24-7 Live
Suez blockage sets shipping rates racing, oil and gas tankers diverted away

Suez blockage sets shipping rates racing, oil and gas tankers diverted away

Reeling from the blockage in the Suez Canal, shipping rates for oil product tankers have nearly doubled this week, and several vessels were diverted away from the vital waterway.

By Florence Tan and Jessica Jaganathan

SINGAPORE (Reuters) – Reeling from the blockage in the Suez Canal, shipping rates for oil product tankers have nearly doubled this week, and several vessels were diverted away from the vital waterway as a giant container ship remained wedged between both banks.

The 400-metres long Ever Given has been stuck in the canal since Tuesday and efforts are under way to free the vessel although the process may take weeks amid bad weather.

The suspension of traffic through the narrow channel linking Europe and Asia has deepened problems for shipping lines that were already facing disruption and delays in supplying retail goods to consumers.

News Source:- Business Standard

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