(ZEROHEDGE) – The giant Ever Given container ship was dislodged from the Suez Canal bank on Monday, and traffic has since resumed, with more than 400 ships waiting to transit the world's most vital shipping lane. The blockage, one of the longest in half a century, is just the beginning of problems as it could take upwards of ten days to normalize canal traffic. With the Suez crisis abating, it's now time to tally up the damages.
"The legal issues are so enormous," Alexis Cahalan, a partner at Norton White in Sydney, which specializes in transport law, told Bloomberg. "If you can imagine the variety of cargoes that are there – everything from oil, grain, consumer goods like refrigerators to perishable goods – that is where the enormity of the claims may not be known for a time."
According to Fitch Ratings, the blockage is expected to dent global reinsurers' earnings, already crushed by the virus pandemic disrupting global supply chains, winter storms in the US, and flooding in Australia. After the Suez crisis, marine reinsurance is expected to rise.
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