Ever Given, a massive cargo ship carrying more than 18,000 containers of consumer goods, ran aground in the Suez Canal on March 23. For six days, the vessel blocked the passage of more than 400 other ships, stalling an already-tenuous global supply chain. Experts have estimated that the ripple effect was 60-day shipping delays for roughly $60 billion worth of products. It also shone a light on the outdated infrastructure of freight shipping.
Since then: Although Ever Given was freed from the canal six days later on March 29, it was seized by the Suez Canal Authority and held for more than 100 days as compensation negotiations ensued. The sum demanded by the Canal Authority was initially $900 million, but later lowered to $550 million. Ever Given’s owners, insurers, and Egyptian authorities reached a settlement on July 7, the terms of which were not disclosed.
