SOS! The Cargo Ship Stuck In The Suez Canal Causing Huge Global Supply Problems.

This photo released by the Suez Canal Authority on Friday, March 26, 2021, shows the Ever Given, a Panama-flagged cargo ship, after it become wedged across the Suez Canal and blocking traffic in the vital waterway. Tugboats and a specialized suction dredger worked Friday to dislodge a giant container ship that has been stuck sideways in Egypt's Suez Canal for the past three days, blocking a crucial waterway for global shipping. (Suez Canal Authority via AP)

The cargo ship stuck in the middle of Suez Canal is starting to create global problems, with costs multiplying every hour.

To this point, reports indicate more than $9 billion in goods are tied up.

The ship, operated by Evergreen Marine, is bigger than the Empire State Building and is costing $9.6 billion a day according to Lloyd’s List, which has been tracking shipping news since 1734.

Tug boats are trying to tow the container ship, according to Inchcape Shipping Services, a maritime services provider. Suez Canal Authority dredgers also continued working.

The next couple of days, however, could yield further trouble. The canal will see lower tides that will make operations difficult as officials try to refloat the cargo ship.

The White House is concerned about the impact on global energy, according to press secretary Jen Psaki, who added that the Biden administration is monitoring market conditions.

“We do see some potential impacts on energy markets,” she told reporters at a briefing on Friday addressing the ship named Ever Given.

And the White House National Security Council said the U.S. government had offered Egypt assistance removing the grounded ship.

Reports say the canal now has more than 150 ships backed up, while others have opted to proceed around the Cape of Good Hope at the southern tip of Africa, adding two weeks to the delivery schedule.

A domino effect has empty cargo containers delayed, too, as shippers try to return them from Asia.

A Fox Business story said companies such as Costco report product shortages related to the container crisis.

“It’s almost like a ketchup bottle,” Lars Jensen, chief executive of SeaIntelligence Consulting told the Associated Press. “The longer this lasts, the higher risk that we are going to see major congestion problems in the European ports.”

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