Market Update – Wednesday 8th June 2022
June 8, 2022
As the war in Ukraine pushes past the 100-day mark, it might be a good…
The “Ever Given” has been freed.
The ship is being moved to an anchorage in the Great Bitter Lake, in the middle of the canal
The damage to the canal and the effects of the dredging will need to be assessed to ensure the canal’s safe re-opening.
We do not have official estimates on this. But we assume this will be done as soon a possible.
If nothing goes wrong, that will mean the canal has been closed for a week, with approx. 50 ships a day passing through means there are around 350 ships in the queue to go through.
One of the ships waiting with our coconut onboard is the “Barzan”, the largest container ship afloat and a very similar size to the Ever Given, with a similar draft. So, the canal does need to be thoroughly checked out before shipping can restart.
What delays to expect?
None of the ships with our coconut onboard has been diverted around Africa, which is good news.
But although ports will have had a gap in arrivals to catch up on existing congestion. There will be an influx of ships and maybe a million containers that need to be unloaded.
We guess that the final delay will be in the region of 10 days on top of current estimates from the shipping lines, and we will not know the last delay till the containers have been unloaded.
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