Logistics leaders, did you know?
Worse, in March 2021, the Suez Canal — one of the world’s busiest trade routes — became blocked when a container vessel ran aground. It took six days to free the vessel, with hundreds of ships backed up on either side of the Canal. One estimate said the blockage was holding up trade valued at over US$9 billion each day. Unfortunately, the actual cost is likely to be higher, given that the estimate does not include costs such as additional charges when ships had to reroute to take a longer path to their destination ports or changes in commodity prices.
These losses have hit many businesses directly, but other parts of the supply chain have also experienced trickle-down effects. In many cases, even the end consumer has been impacted.
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