Suez Canal ship accident could have effects for global trade – DP World TIS Pivdenniy CEO.

The accident of the container ship Ever Given in the Suez Canal, on the eve of running aground and blocking traffic, could have very noticeable consequences for global trade.

This opinion was expressed by Ihor Zhyhora, CEO of the DP World TIS Pivdenniy container terminal (Pivdenny port, Odesa region), in a comment to Interfax-Ukraine.

"Disruptions in delivery times will entail a lack of goods in retail and, as a result, financial losses from lost profits and loans. The costs will be borne by everyone, so now the attention of literally the whole world, both the largest businesses and small players, is riveted on one small excavator," he said.

According to Zhyhora, hundreds of ship calls around the world have already been disrupted due to the blockage of the canal, and the transit of a group of ships is being canceled or corrected.

"Disruptions in the schedule of ship calls automatically entail a delay in the delivery of various cargoes and, as a result, disruption of the contractual obligations of the clients of sea lines. The result is penalties for the participants in the 'supply chain,' that is, ship owners, charterers, cargo owners. Now in the Suez Canal area there is a traffic jam of more than 150 ships that deliver food, consumer goods, and oil products. In addition to food products and consumer goods, there are a lot of industrial products and equipment on the way, paid for, including with credit money," the DP World TIS Pivdenniy CEO said.

As reported, the Panama-flagged container ship Ever Given ran aground on Tuesday at 07:40 local time shortly after entering the Suez Canal from the Red Sea.

Interfax-Ukraine

News about recent political developments in Ukraine, key Ukrainian economic news and major current events in the CIS and the rest of the world.

https://en.interfax.com.ua/

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