Suez Canal blockage has cost Egypt $16m a day, Refinitiv says

Suez Canal blockage has cost Egypt $16m a day, Refinitiv says

Egypt is estimated to be losing about $16 million per day in revenue as the Suez Canal Authority has been unable to collect fees from vessels passing through the waterway, according to financial data company Refinitiv.

Ever Given, the 200,000 tonne ship carrying 20,000 containers, was partially refloated on Monday after high winds blew it off course on March 23, blocking a vital waterway for global trade. It is expected to take some time to clear a backlog of more than 400 vessels at either end of the waterway.

“Without transits for the past six days, the loss in revenue for the Suez Canal