The Evergreen vessel blocking the Suez Canal was freed yesterday; however, the hundreds of ships waiting to traverse the canal have created a backlog with a rippling effect. Estimates predict days and up to weeks for the backlog to clear. The shipping delays caused by the backlog will likely mean delayed manufacturing schedules and equipment shortages. Cargo bound for the US/Canada East Coast will be impacted. According to Freight Waves article “US ports, shippers face major fallout from Suez Canal chaos” published March 29th, “almost one in three containers from Asia transits the Suez Canal en route to the East Coast.”
According to recent steamship line notices (see Maersk notice), the Suez Canal could open today. Deringer will continue to provide updates as they become available.