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A tugboat attempting to refloat the "Ever Given" in the Suez Canal on March 26. Photo: Samuel Mohsen/picture alliance via Getty Images)

Rescuers fully dislodged the "Ever Given" from the banks of the Suez Canal on Monday, sending the skyscraper-sized container ship on its way after six days of drama that paralyzed the vital shipping route, according to canal authorities.

Why it matters: The massive maritime traffic jam wreaked havoc on global trade and resulted in one of the largest ship salvage operations in modern history.

  • Shippers with containers carrying oil, commodities and consumer goods were forced to reroute around the southern tip of Africa, adding weeks and tens of thousands of dollars of additional costs to their voyages.
  • The Suez blockage was estimated to cost $400 million per hour in delays to goods shipments, according to CNBC.
A tweet previously embedded here has been deleted or was tweeted from an account that has been suspended or deleted.

Context: The ship, one of the largest in the world, ran aground in the canal on March 22 after getting caught in poor visibility and high winds from a sandstorm.

  • The 220,000-ton and quarter-mile-long ship, operated by Taiwan-based Evergreen Marine, had been heading from China to the Netherlands.
  • Dredgers and tug boats were able to partially refloat the ship early on Monday morning, before fully freeing it from the bank hours later.

The big picture: About 30% of global container shipping volumes pass through the canal, which links the Mediterranean Sea with the Red Sea — a vital connection between European and Asian markets.

  • Maersk, the world's largest container shipping company, said in an advisory on Monday that the six-day blockage has triggered a series of disruptions to global trade that could "take weeks, possibly months, to unravel."
  • The company added that it could take at least six days for its current queue of ships to pass through once the Suez Canal is fully cleared for operations again.

Our thought bubble: The trouble in the Suez — like the pandemic — underscores the fragility of a global economy built on just-in-time shipping.

Go deeper

Maersk: Suez impact on global trade could take months to unravel

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.

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.

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