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The Ever Given, a ship bound for Rotterdam from China, has plugged the Suez Canal. Authorities state a storm in the region forced it to veer off course and has remained lodged between the
waterway's banks for nearly three days. Although people have hailed the unusual spectacle through memes, the stuck vessel threatens global oil prices and could take weeks to move.
The Suez Canal is a relatively small stretch connecting the Red Sea's Suez Gulf with the Mediterranean Sea.
But the 19th-century waterway provides an alternative path through the Middle East, which would otherwise see ships have to traverse Africa's coast in its near entirety.
More than 50 ships navigate the busy canal every day, avoiding 18,950 miles of coastline, which could extend their trip by months.
READ MORE: Suez tanker chaos may spark worldwide disruption
Oil is one of the most trafficked goods, with 1.9 million barrels routed through the waterway every day.
Roughly 10 percent of the world's seaborne trade flows through with it.
According to analysis by Lloyds List, a weekly shipping news agency, 1.2 billion tonnes of goods travel through the artery every year.
They estimated some eye-watering costs incurred by the blockage.
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Containerised goods make up approximately 26 percent of the canal's daily traffic.
Restrictions to westbound traffic could cost approximately $5.1 billion (£3.71 billion).
Constrained flow the other way could cost a total of $4.5 billion (£3.2 billion).
Daily costs of the Suez blockage amount to $9.6 billion (£6.9 billion).
DON'T MISSSuez Canal map: Where is the Suez Canal? Why is it important? - MAPSuez Canal blocked LIVE: Impact of Ever Given jam to last MONTHS - LIVE BLOGSuez Canal live radar: Watch moment
Ever Given cargo ship gets stuck - VIDEO
The Ever Given could continue to cause trouble beyond this week.
Crews have worked on freeing the vessel since Tuesday and "partially" refloated it.
Accumulated losses could sit around $28.8 billion (£20 billion) in total.
Ship workers contracted to work on the vessel have predicted the situation could take weeks to solve.
Peter Berdowski, chief executive of Dutch dredging company Boskalis, which is working on rescue efforts, told current affairs outlet Nieuwsuur the ship's weight has emerged as a significant
obstacle.
Mr Bedowski said the timeline of its path out of the canal remains uncertain and could stretch to weeks.
He said: “The more secure the ship is, the longer an operation will take.
"It can take days to weeks. Bringing in all the equipment we need, that’s not around the corner."
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