Egypt: Navigation to Resume through Suez Canal after one of the Largest Cargo Ships blocked the Crucial Waterway for Seven Days

One of the largest ships in the world was refloated and moving through the Suez Canal after being stranded and blocking the crucial global transport lane for more than a week. The floatation efforts included towing and pushing the grounding vessel using 14 large tugboats. The blocked waterway has already led to considerable shipping delays, fueling a rise in prices of many commodities including crude oil and African coffee for almost a week. The blockage has also delayed e-commerce product deliveries as the supply chain has been severely distressed. Egyptian Imports of wheat, corn and soybeans were not impacted while a slowdown in food imports and exports from and to South East Asia due to the blockage did occur. The delay in shipping and rise in shipping costs have also contributed to an increase in inland shipping by trucks to neighboring Jordan and Arabian Gulf countries.