Traffic jam at Suez Canal sends global shipping costs soaring ...News

Costs of overseas shipments are rapidly rising, as the massive container ship wedged in the Suez Canal is holding up billions of dollars-worth of goods, forcing logistics firms to reroute cargos away from the crucial waterway. The traffic jam has trapped freighters with goods and oil products worth over $10 billion, according to the latest estimates by Bloomberg. The agency added that the losses the global economy will eventually sustain are currently difficult to access. The cost of delivering a standard dry-cargo container with a total intake of 67.7 cubic meters is currently standing at $8,000, which is reportedly four times as much

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