Suez tailback could add to fees and greater security risks, say analysts

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Maritime analysts say the current delay in transiting the Suez Canal due to the grounded boxship, Ever Given, could lead to higher freight fees and create added security risks.

Congestion in the Suez Canal is affecting more than 100 vessels and maritime analysts say that the backlog of ships waiting to transit the strategic shipping route could increase freight fees and lead to an increase in security threats, reports Trade Winds.

The canal is currently blocked by the 20,388-TEU ULCS, Ever Given, owned by Shoei Kisen and operated by Evergreen Marine. The vessel ran aground yesterday and vessels have been unable to transit the Canal since. Egyptian officials say it could take two days for tugs and shore crews to re-float the vessel.

Experts have forecast that the accident could boost container rates, while tanker and bulker owners could also benefit. Banchero Costa, head of research Ralph Leszczynski told TradeWinds: “For containerships, going via Suez is the main trading route. A containership coming from China and going to Europe certainly cannot just go somewhere else… [They] just have to stay there and wait”.

Data shows that 56 ships were at anchorages or terminals within and around the Canal as of Wednesday. The list of vessels includes two LNG carriers, three LPG carriers, 12 bulkers, 12 container vessels and 26 tankers.

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