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The Ever Given, trapped in the Suez Canal, alongside two tugboats as of Thursday March 25 2021.

"I have experience with several rescue operations of this kind and as the former chairman of the Suez Canal Authority, I know every centimetre of the canal", said Mamish, who oversaw the recent expansion of the waterway. Exactly how the mishap occured remains unclear, but experts have speculated that the containers stacked atop the ship could have acted like a massive sail propelling the boat forward in high winds.

At least four long range oil tankers with the capacity to haul 75,000 tons of oil are also possibly headed around the Cape of Good Hope, London-based ship brokering firm, Braemar ACM told Reuters, adding that shipping rates have almost doubled this week "as the market starts to price in fewer vessels being available in the region". In a Friday statement, the authority said it welcomed offers of global support to help free the vessel, including one from The United States. It specifically identified the United States, which it said had offered "to contribute to these efforts", although the SCA did not say how.

"Furthermore, the SCA expressed honest gratitude for all the offers it received for assistance in this regard, while also highlighting the ongoing efforts towards refloating the container ship and affirming its keenness on ensuring regular global maritime traffic in the Suez Canal as soon as possible", it added.

In other words, the SCA's email inbox is full.

The Suez Canal was last closed in 1967, when war broke out between Egypt and Israel.

Ever Given, a Panama-flagged cargo ship, that is wedged across the Suez Canal and blocking traffic in the vital waterway is seen Friday, March 26, 2021. "Second-round effects will be even more important as supplier input and possibly consumer prices increase", Boata explained.

Some ships now may be changing course to avoid using the Suez Canal.

Everybody, it seems, wants to weigh in - a sure sign that this is no garden-variety issue. It said 49 container ships were scheduled to pass through the canal in the week since the Ever Given became lodged.

Brand-new Kia automobiles, cases of Heineken beer, live animals and billions of dollars of crude oil and other commodities remained stranded in the Suez Canal on Friday, as tugboats and dredgers tried to free a grounded container ship that has come to symbolize the perils of a global economy that relies on being able to send goods around the world in larger and larger vessels. "Additional machinery and equipment on the banks are doing their part to assist".

Leth said three vessels behind the Ever Given on Thursday "were assisted out of the canal, bringing them back to Port Suez anchorage. The canal is thus clear and ready to escort the MV Ever Given out of the canal once she has been successfully refloated".

Shipping experts estimate that if the blockage isn't cleared soon, some shipping firms may be forced to re-route vessels around the southern tip of Africa, adding roughly a week to their transit time. The closure also could affect oil and gas shipments to Europe from the Mideast.

The canal authority has said between 15,000 and 20,000 cubic metres of sand would have to be removed in order to reach a depth of 12-16 metres and refloat the ship. The situation has left around 150 vessels on either side of the canal awaiting passage, the Associated Press (AP) reported.

Despite the delay, Mr Reynolds expressed sympathy for the Ever Given's 25 Indian crew members. A Dutch firm with expertise in salvage operations, also began to work with the authority on Thursday, with the focus on removing the sand and mud around the vessel's bow - an enormous task.

By contrast, an already weak Asian gasoil, or diesel, market is also being made worse by the blockage since Asia exports the fuel to markets in the west, like Europe, of which more than 60% flowed via the chocked Canal in 2020, according to FGE. Shipping companies will be weighing this against the money saved in the Suez Canal's fees.