While horns blared in celebration of the Ever Given finally being dislodged from the Suez Canal, the fallout from the holdup is growing.

The Ever Given, which is owned by Japanese company Shoei Kisen Kaisha and operated by Taiwanese transport company Evergreen Marine, first became lodged between the banks of the Suez Canal last Tuesday. It was finally freed on Monday after an effort involving more than a dozen tugboats and dredgers that were making use of Sunday’s full-moon high tide.
Ever Given
The blockage led to a massive snarl of traffic and has cost $9.6 billion in trade each day, which amounts to $6.7 million per minute, according to shipping journal Lloyd’s List. Supply chains were further disrupted (they are already reeling from COVID-19 issues), and Europe’s largest insurer, Allianz, calculated that between $6 billion to $10 billion would be added every week the ship was stuck to the $200 billion in global trade costs since January.