The Suez Canal Is Finally Open!

At 6 pm local time on March 29, navigation was resumed at both ends of the Suez Canal. The giant cargo ship "Changci" that blocked the canal for six days was towed to the widest section of the canal, Daguhu, for inspection.

In addition to affecting global trade activities, the blockage of the "Long Ci" will also trigger a series of insurance claims. The total amount of claims is expected to be at least hundreds of millions of dollars. Egypt has already prepared to claim compensation from the owner of the "Nagai" Japan Masei Steamship Co., Ltd.

According to CNN News, the chairman of the Suez Canal Authority stated that as of Monday, there were still 422 ships waiting to pass through the canal.

The order of passage will be based on the principle of "first come, first served", but ships carrying livestock can only pass priority. It is estimated that it will take three to three and a half days to wait for the queued ships to pass and end the canal traffic jam.