USA HISTORY

Detailed explanation-1: -The maritime industry has seen an increase in global vessel demand and the cost of shipping, according to the United Nations Conference on Trade and Development.

Detailed explanation-2: -Heightened demand, trade restrictions, factory closures, rising freight rates and reliance on ‘just-in-time’ inventory systems have led to global shortages and inflation. The disruption to supply chains has become more widespread, growing from an industrial problem to a threat to economic stability.

Detailed explanation-3: -Vessels of all types were forced to wait for the obstruction to clear in order to pass through the Canal. The blockage had caused disruption to deliver over $9 billion worth of goods each day which is equivalent to $400 million worth of trade per hour [34].

Detailed explanation-4: -It is estimated that the blocNage of the Suez Canal has had the effect of reducing effective vessel capacity by about 15 to 25% in the Asia-Europe shipping trade lane, due to the longer distance for shifting ships to travel around Africa.