The ordeal hit world economies hard; billion of dollars were lost in global trade. CBS2's Jenna DeAngelis spoke with experts about the impact in the Tri-State Area.
KRISTINE JOHNSON: A giant container ship as long as the Empire State Building is tall stuck in the Suez Canal for almost a week is now moving again. Welcome back. I'm Kristine Johnson.
DICK BRENNAN: And I'm Dick Brennan, and we can tell you that the Suez Canal disaster has hit world economies hard with billions lost in global trade.
KRISTINE JOHNSON: CBS 2's Jenna DeAngelis spoke to experts about the local economic impact.
JENNA DEANGELIS: Freedom at last for this colossal container ship, the Ever Given, which blocked the Suez Canal for nearly a week. The sound of relief from tugboats Monday morning, because this means the critical waterway is open again.
LUIS PORTES: About 12% of world trade flows through there and 10% of the world's oil, so it's really a significant place.
JENNA DEANGELIS: It's one of the busiest trade routes in the world with ships carrying everything from crude oil to clothing, furniture, car parts, and toilet paper.
BETHANN ROONEY: And 95% of consumer goods come from overseas and come on a ship, such as the Ever Given.
JENNA DEANGELIS: Deputy port director for the Port Authority of New York and New Jersey says 38% of its cargo moves through the Suez. She expects to see the impact here in about a week. First, hundreds of ships stuck in a traffic jam must move through the Canal.
- There will certainly be a delay in the commodities that are on that vessel reaching the store shelves, but it will be relatively insignificant as compared to the impact of COVID-19, where global manufacturing was shut down for several months.
- We wouldn't feel that much impact except for what was last week's oil price spike.
JENNA DEANGELIS: Says economics professor Luis Portes. Both explain the impact to the consumer would be greater if this lasted longer.
- The rerouting of ships around the southern tip of Africa would have mattered, because that's an extra delay. It's about seven to 10 extra days. I think it will be mostly remembered as a glitch.
JENNA DEANGELIS: Experts we spoke to say, a big takeaway is that public awareness this event raised on the importance of the Suez Canal and global trade to our economy. In Bayone, Jersey, Jenna DeAngelis, CBS 2 News.
- Now, the head of the Suez Canal Authority says navigation in the Canal resumed this afternoon, and the first ships to get moving were carrying livestock.