Loss of Rs 46 billion per hour due to shipwreck in Suez Canal

KATHMANDU: SUNDAY, MARCH 28, 2021 – It is estimated that the world economy is losing more than 46 billion rupees every hour when a huge cargo ship sank in the Suez Canal in Egypt. The shipwreck is estimated to have caused a loss of $400 million per hour. Sunday marks the fifth day of the shipwreck.

The ship, carrying goods from China to the coast of Rotterdam in the Netherlands via the Suez Canal, lost control of its course due to strong winds and crashed into the canal. The 400-meter-long and 59-meter-wide Evergreen ship sank.

Built in 1869, the canal is 193 kilometers long. The canal connects the Mediterranean Sea and the Indian Ocean. In some places, the width of the canal is only 205 meters. 185 freighters preparing to leave the canal are stranded in the canal. According to the international media, a traffic jam has been created in the canal.

Efforts to clear the canal and evacuate the ship have not been successful. The Suez Canal, important for global transit and trade, was closed when the ship capsized.

Meanwhile, Suez Canal Authority official Lt. Gen. Osama Rabei said the giant ship crashed into the canal, not just because of strong winds.

According to him, human and technical weaknesses are feared in the shipwreck. A Panamanian flagship carrying cargo to Asia and Europe sank in a canal on Tuesday. A Portuguese company is trying to evacuate ships with the help of waves and boats, but there is no word on when the success will be achieved.