Suez traffic jam continues

At least 19 tankers laden with natural gas or petroleum gas are stuck in the traffic jam in the Suez Canal, data supplied March 26 by Lloyd’s List Intelligence showed.

The container ship Ever Given has been wedged in the Suez Canal since March 23, creating a bottleneck for vessel traffic in the man-made artery separating Egypt from the Arabian Peninsula.

Data supplied to NGW by the London-based Lloyd’s finds six tankers laden with LNG and 14 laden with petroleum gas idled in the Suez.

The Suez handles about 8% of the global shipments of LNG and about 10% of total crude oil. All told, Lloyd’s data shows 248 vessels are stuck in the traffic jam, including about 70 or so bulk carriers.

Efforts to clear the canal using tugs and dredgers have so far proved futile. The port authority in Suez stated today it was vetting offers from the international community to help clear the shipping lane.

“The Suez Canal Authority values the offer of the United States of America to contribute to these efforts, and looks forward to cooperating with the US in this regard in appreciation of this good initiative which confirms the friendly relations and cooperation between the two countries,” its statement read.

This marks day four of a blockade that has upended the global maritime shipping industry and injected heightened volatility into the price of global commodities. The price for Brent crude oil today was up some 2% from the close of trading March 25, while the price for natural gas on the New York Mercantile Exchange was down by about a half percent.