Page 22 - Factory Ship News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Of the world's busiest waterways, continues into the night in egypt's red sea. tug boats and dredgers have been operating here around the clock to try and dislodge this giant ship that has been blocking the suez canal for the past few days. we understand that huge amounts of sand have been removed to make room for the ship to move. congestion continues to pile up in this strategic waterway, and the longer this ship is stuck here, the more disruption there will be to global trade. a vast trafficjam continues to build, with more than 300 ships stuck on either side of the vessel, which is holding...

Would then have to pass to the gulf of guinea area which has been plagued by a worrying level of piracy in recent years. level of piracy in recent ears. ., ., ., level of piracy in recent ears, ., ., ., ~ years. far from ideal. we were 'ust years. far from ideal. we were just looking — years. far from ideal. we were just looking at _ years. far from ideal. we were just looking at pictures - years. far from ideal. we were just looking at pictures of- just looking at pictures of this boat. it is absolutely enormous. in this boat. it is absolutely enormous.— this boat. it is absolutely enormo...

Us beautifully to the, you know, first point i wanted to talk to you about this, which is, i think, the "ever given" reminds us of the, just, sort of thin line we are walking, at least from a business economics resources standpoint. i think most of us aren't most of us aren't aware of just how much global trade hangs by a thread. the fact that this ship being stalled in the suez is costing the globe billions of billions of dollars by the hour is a reminder that the systems we have in place are not particularly resilient. >> yeah. it's a great point. one of the things we learned during the pand...

Media. where do things stand now? what is the latest on getting that ship out of there? >> the ship operator is saying that it hopes to shift the ship in the next few days. we will see if they can manage that. with those extraordinary numbers, they need to. this is an artery of the world economy. you will be seeing some of those amazing images again. we have pulled the vaeg back with the images of the world economy. the suez canal is only about 200 feet wide. these containers through this tiny canal.

A little earlier, i spoke to randy giveans. he's senior vice president of maritime shipping equity research at the investment bank jefferies. this is certainly a pretty bad trafficjam when it comes to global shipping, right? there's about 10—12% of global trade goes through the suez canal, so when you have a ship stuck, right, there are 80—120 ships that are waiting to get through, either south of it, further down in the red sea, or north in the mediterranean, so either way, it's causing a massive backlog in congestion. and we know the container market, container ship market, is extremely ...