Suez Canal navigation temporarily suspended as efforts continue to refloat stuck container ship

Navigation on the all-important Suez Canal has been temporarily suspended until the massive container vessel MV Ever Given is refloated. The development is likely to impact global trade and supply chains severely.

Egypt’s Suez Canal Authority on Thursday said that it is “temporarily suspending navigation” through one of the world’s busiest waterway until the grounded container vessel MV Ever Given is refloated. The authorities confirmed the development to news agency AFP. "Maritime authorities said that 13 ships from the northern convoy via Port Said were supposed to pass through but ... remain docked in the transit areas until refloating is complete," the authority's spokesperson George Safwat told the agency. The development has disrupted global trade severely and Bloomberg reported that the blockage is costing roughly $400 million per hour. While efforts are still on to refloat the massive container ship, experts suggest that it may take some more time.