"The key risk of this previously stuck giant vessel is the disruption of global supply chains already reeling from the impacts of the COVID-19 pandemic", Ruben Carlo O. Asuncion, chief economist of the UnionBank of the Philippines, Inc., told BusinessWorld in an e-mail on Tuesday.
Ever Given, a 224,000-tonne ship registered in Panama that is 400 meters long and 59 meters wide, has been stranded since the morning of March 23, blocking the canal and preventing more than 400 vessels from passing through.
The Ever Given's grounding across a southern section of the canal forced a halt to all traffic, leading to a build-up of 422 ships at either end of the canal and along its course.
"The crisis was big", the president said during his visit to the Maritime Training and Simulation Centre of the Suez Canal Authority in Ismailia, adding that the problem was "solved without losses in the lives or the ship".
Mr. Ricafort said that transport and shipping costs for some Philippine exports and imports will increase due to the delay to ships undertaking longer-than-expected voyages.
Shipping group Maersk has also said disruptions to global shipping could last for months.
"We didn't hope for something like this, but fate was doing its work".
"In light of all the talk about alternatives and things of that kind - no, this is a global facility for worldwide trade".
However, SCA head Osama Rabie believes the wind was not the main reason for the incident, and that "technical or human errors" may have been to blame.
The pilot delivers a amusing commentary as it is noticed that Suez Canal has become blocked by the giant ship.
SHIP makes it into Microsoft Flight Simulator. The owners and insurers of the ship could be looking at claims totalling millions of dollars, Reuters reported.