SINGAPORE: Following the blockage of the Suez Canal, shipping rates for oil product tankers have nearly doubled this week and several vessels were diverted away from the vital waterway as a giant container ship remained wedged between the two banks.
The 400-metres long Ever Given has been stuck in the canal since Tuesday and efforts are under way to free the vessel although the process may take weeks amid bad weather.
The suspension of traffic through the narrow channel linking Europe and Asia has deepened problems for shipping lines that…
