Tag "suez crisis"

First came the pandemic in 2020, something that roiled shipping and disrupted the supply chains in and out of China, which soon spread out to the rest of the world like wildfire. And then came one of the biggest hurdles the logistics industry has faced in years, the closure of the Suez Canal, dubbed by some as a ‘crisis’ and rightly so.

An estimated 12% of the world’s trade passes through the Suez Canal daily, representing almost $10 billion in trade on a good day as per Llyod’s List. Serving as the link between rising Asian powerhouses and relatively wealthier Europe, it is undoubtedly the most important waterway in the world.