Insights on the Suez Canal disaster and how to manage risk when trading
CM Trading founder Daniel Kibel shares his views and offers trading advice
13 April 2021 - 09:28
Sponsored
Hundreds of container ships were diverted around the African coast, costing companies billions and severely affecting trade.
Image: Supplied/CM Trading
What do you get when you cross fierce winds, a major water crossing and a huge cargo tanker ship? Apparently, a huge trade disaster that is costing $400m an hour to remedy.
Earlier in March, the Ever Given, a 400m supertanker, became wedged inside the Suez Canal, clogging one of the world’s busiest waterways and a vital trade artery. This had disastrous effects on Asian/Mediterranean trade and caused oil prices to spike.