The blockage of the Suez Canal has left more than 360 ships treading water in the Red Sea and the Mediterranean.
NICOSIA: An Aladdin’s cave of goods ranging from IKEA furnishings to tens of thousands of livestock is stuck in a maritime traffic jam caused by the Suez Canal blockage.
More than 360 vessels have been stranded in the Mediterranean to the north and in the Red Sea at the other end as well as in holding zones since giant container ship MV Ever Given was wedged diagonally Tuesday across the Suez, a lifeline for world trade.
Industry experts have estimated the total value of goods marooned at sea at anywhere between $3 billion and $9.6 billion.
Some 1.74 million barrels of oil a day is normally shipped through the canal, but 80% of Gulf exports to Europe pass through the Sumed pipeline that…
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