J.P. Morgan strategist Marko Kolanovic wrote in a note Thursday, there are risks of the ship breaking, “In this scenario, the canal would be blocked for an extended period of time, which could result in significant disruptions to global trade, skyrocketing shipping rates, further increase of energy commodities, and an uptick in global inflation.”
A least 150 ships laden with oil, automotive parts and consumer goods have accumulated on both sides of the Asia-Europe trade channel, no effort was made due low tide and high wind, the Pessimistic port authority assess the stern of the ship to be deeply buried in the rocky bottom of the canal and no mention of time line.
The Suez Canal Authority said that the surface beneath the Ever Green are rocks which make it challenging to dislodge and they are going to deploy all the available tugs to prevent the ship from listing.
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“Statements from Saudi Arabia indicates that they are on the cautious side. Rather to keep it a little tight a little too long than to run into an oversupply before Covid-19 vaccines have truly made their magic on global economic activity and oil demand,” Schieldrop said. “The upcoming OPEC+ meeting is thus unlikely to ruin the oil party with respect to April supply as the total outcome is likely going to leave the market slightly short rather than in surplus.”