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Photo: AFP via Getty Images

Maersk, the world's largest container shipping company, said in an advisory on Monday that the "ripple effects" from the six-day blockage of the Suez Canal by a massive cargo ship has triggered a series of disruptions to global trade that could "take weeks, possibly months, to unravel."

The state of play: The Ever Given had been partially refloated as of Monday morning, but not yet fully dislodged. Maersk said that it's too early to say when the Suez will be cleared for operations again, but that it could take at least six days for its current queue of ships to pass through.

The big picture: The Suez Canal is one of the most vital maritime arteries in the world, seeing 13% of global maritime trade and 10% of seaborne oil shipments, according to the Wall Street Journal.

  • The 1,312-foot-long Ever Given has been stuck in the canal since last Tuesday, causing a backlog of over 300 vessels. Maersk said it has redirected 15 of its vessels around the Cape of Good Hope at the southern tip of Africa.
  • An army of tugboats and dredgers has been working day and night to free the canal in what is likely one of the largest salvage operations in modern history.

Go deeper

Updated Mar 29, 2021 - Economy & Business

Suez update: Ship finally freed

Rescue vessels work at the site of the stuck container ship Ever Given on the Suez Canal. Photo: Xinhua/Ahmed Gomaa via Getty Images

Rescue teams on Monday fully freed the "Ever Given" container ship that's been stuck in the Suez Canal for a week, hours after partially refloating the skyscraper sized vessel.

Go deeper: Read the full story

Updated Mar 28, 2021 - World

Suez update: Race to free stuck ship intensifies

Photo: Gokturk-1 Observation Satellite/ HANDOUT via Getty Images

The massive container ship that's captured the world's attention remained stuck in the Suez Canal six days on, but authorities expressed optimism it may be dislodged this weekend.

Why it matters: More than 300 cargo ships are blocked and waiting for rescuers to free the "Ever Given," per The New York Times. The ship — which is almost as long as the Empire State Building is tall — is also causing incredible downstream damage to the global economy.

Job gains slow sharply as U.S. adds 210k jobs in November

Photo: Joe Raedle/Getty Images

The U.S. economy added 210,000 jobs in November, while the unemployment rate plummeted to 4.2% from 4.6%.

Why it matters: Job gains slowed sharply, but the labor market recovery remains on track.