The world’s largest cargo ship ‘MV EverGreen’ is stranded in Suez Canal in Ezypt

impact on petroleum, Suez Canal in Egypt

Cargo ship ‘MV EverGreen’ is stranded in Suez Canal in Egypt :

The world’s largest cargo ship ‘MV EverGreen’ is stranded in the Suez Canal in Egypt. This Japanese ship is 400 meters long and carries 2.20 lakh tons. It is learned that on the 23rd of this month, the ship came to a halt in the canal but it will also have an impact on India.

As many as 240 cargo ships heading north and south of the canal were stranded as the Evergreen stuck. This includes two Indian ships. The number of ships stationed on either side of the Evergreen is likely to increase to 350 in the coming days as it is likely to take a few more days to clear. As a result, oil prices are rising in European countries and the United States. America is resorting to this route for oil imports. However, India is also one of the largest importers of oil but India imports most of its petroleum products from the Gulf countries. However, if this continues for a long time, petrol and diesel prices, which are already skyrocketing in India, are likely to rise again.

Its impact on petroleum products prices which are already huge is certain to fall on the rest. India imports organic chemicals, iron and steel, automobiles, machine tools, textiles, handicrafts, and furniture from European countries. However, the central government believes that there is a risk of a shortage of these due to the diversion of the Evergreen stuck. It is requesting shipping yards to keep freight rates the same as previously contracted. It plans not to raise commodity rates in times of crisis and to bring in other means if there are any products that will perish quickly. The Cape of Good Hope (South Africa) is expected to haul cargo ships in the wake of the Suez Canal block. The reviews were conducted by the Central Commerce and Shipping Department.

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