Suez Canal crisis:

Giant container ship, the Ever Given, which got stuck diagonally across the canal on Tuesday(23rd March 2021), has blocked traffic in both directions on one of the world’s busiest shipping routes.
India’s shipment of oil, textile, furniture, cotton, auto-components and manufacturing parts to Europe, North America and South America are stucked and it can be delayed by 15-20 days. The blockage of this canal can result in 5%-15% hike in Freight charges according to estimate by Shipsy-a Import/Export automation platform.
India’s trades through this canal is around $200 Billion. The rise in freight charges, as well as shortages in some crucial components, such as computer chips, have raised fears that both producer and consumer prices will rise more rapidly. The blockage has caused a huge traffic jam of more than 160 ships along the 193-kilometer (120-mile) canal.
On an average day more than 50 ships cross the canal that connects the Mediterranean sea and Red sea. With the canal currently shut to new traffic, some shipping firms may opt to take the re-routing around southern Africa, but that comes at a cost in time and money.