NEW DELHI :
It took the six-day blockage of the Suez Canal to remind us how dependent India is on free passage through the canal and the Red Sea. While the 400-metre-long container ship, MV Ever Given—which ran aground into the east bank of the Suez Canal on 23 March and blocked all movement till it was released on 29 March—is now in Egyptian custody, the saga has sent out economic and strategic alarm bells.
The Suez Canal is used by about 19,000 ships every year, which transport 12% of global trade, valued at $700 billion. About 4.8 million barrels per day (mbd) of crude oil is transported both ways through the canal. Of this, about 500,000 barrels/day of crude is shipped to India through the Suez Canal from the US, Latin America and Algeria.
Hi! You've read all your free articles To Continue Reading,
Articles by celebrated columnists
A differentiated perspective
The best of Wall Street Journal