Amazing Money Being Lost

@porwest (112876)

United States

March 28, 2021 9:56am CST

I am astounded by the sheer amount of money being lost with that cargo ship stuck in the Suez Canal. What's more, it gives one a bit of pause to realize just how much trade is going on in the world at any given moment. How much money is being lost, you ask? $400 million an HOUR! On top of it all, they are saying it could be another two weeks to move the ship out of the way. By that time that will rack up another $134.4 billion in lost trade. Yowsers!

13 people like this

15 responses

@Shxrubia (2751)

• Indonesia

28 Mar 21

Ups, that was big amount money

2 people like this

@porwest (112876)

• United States

28 Mar 21

It's huge. And that's not even counting the fact it has been stuck over a week already. Somebody is losing their job, that's for sure. lol

@kanuck1 (4424)

•

28 Mar 21

"$400 million an HOUR!"? That's a heck of a lot money being lost?

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@kanuck1 (4424)

•

28 Mar 21

@porwest You would think that with all that money that they have to lose that they would have gotten a smarter way to get the ship through the canal?

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@porwest (112876)

• United States

28 Mar 21

A heck of a lot is an understatement. It boggles my mind. lol

1 person likes this

@porwest (112876)

• United States

31 Mar 21

@kanuck1 You would think. Or that at least they'd come up with an idea going forward to prevent this happening again.

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@marguicha (230350)

• Chile

28 Mar 21

Everything that happens to the world has a lot of zeros, as I can see. Just imagine the way the Amazones are destroyed by the minute by people who want to get rich easily. I hope they don´t have children. Their grandchildren will be condemned.

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@marguicha (230350)

• Chile

28 Mar 21

@porwest I am always hoping that us, human beings, learn.

1 person likes this

@porwest (112876)

• United States

28 Mar 21

A terrible situation for a lot of people for a lot of different reasons. Let's hope they get this thing cleared up real soon.

1 person likes this

@porwest (112876)

• United States

28 Mar 21

@marguicha That is all we can hope for ultimately, right?

@RebeccasFarm (91297)

• United States

28 Mar 21

I saw that my God!!!! What a travesty..and saying there may be shortage of paper goods again because of it..like TP

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@RebeccasFarm (91297)

• United States

29 Mar 21

@porwest Yes who knows

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@porwest (112876)

• United States

28 Mar 21

We may not experience much of that here since most of our paper goods like TP are still made here. But who knows?

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@lovebuglena (52144)

• Staten Island, New York

28 Mar 21

That's a hell of a lot of money. Why is the ship stuck there? I haven't been keeping up with the news.

1 person likes this

@porwest (112876)

• United States

28 Mar 21

I am not totally privy to the whole story, but I heard heavy wind and a power failure aboard the ship were largely to blame. Basically they lost control of the ship and they banked it. Now they have to dig it out to free it.

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@lovebuglena (52144)

• Staten Island, New York

29 Mar 21

@porwest wonder how they can fix this and how long it will take.

1 person likes this

@porwest (112876)

• United States

31 Mar 21

@lovebuglena They were expecting two more weeks when I wrote this post. But they got it moving on Monday I think.

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@LindaOHio (222302)

• United States

29 Mar 21

They say that TP and coffee could be in short supply. We have a supply of TP; but I better stock up on my instant decaf coffee. :-)

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@LindaOHio (222302)

• United States

1 Apr 21

@porwest You're probably right about the TP; but the media reported it; so you know what a run on TP that could cause! Got my coffee yesterday! :-)

1 person likes this

@porwest (112876)

• United States

3 Apr 21

@LindaOHio Oh, the meeedddiiiaaa reported it. Then it MUST be true.

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@porwest (112876)

• United States

31 Mar 21

So far as I am aware little of our TP is imported. Most of it is made here. I could be wrong. But certainly the entire supply chain was put into a bit of a pickle. Luckily they did get the ship moving finally.

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@prinzcy (32299)

• Malaysia

29 Mar 21

I thought they move it today?

1 person likes this

@porwest (112876)

• United States

31 Mar 21

They did finally move it. Much sooner than expected. I am certain there are a lot of people very happy about it too.

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@marlina (154103)

• Canada

28 Mar 21

It is definitely not a good time for trade. Enormous amount of money is lost and will be lost.

1 person likes this

@porwest (112876)

• United States

28 Mar 21

Especially as we are all working so hard to get the economy pushing along again. Just bad timing. Not that there is a good time. But just saying.

@JudyEv (382068)

• Rockingham, Australia

28 Mar 21

It's amazing that one ship would cause such disruption.

1 person likes this

@porwest (112876)

• United States

31 Mar 21

It is. They really need to find a way to make an alternative passing. I don't know what the logistics of that look like. But it seems like it would be a good idea just in case something like this ever happens again.

1 person likes this

@Lucky15 (37391)

• Philippines

29 Mar 21

no way, that's a lot. i don't want to think how much would be if it stays more than two weeks

1 person likes this

@porwest (112876)

• United States

31 Mar 21

Luckily it looks like they got it moving. Lots of happy people about that.

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@Shiva49 (28380)

• Singapore

28 Mar 21

I recall Suez crises earlier times that created war like situations. There are a few sensitive trade routes that can cripple us.

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@porwest (112876)

• United States

28 Mar 21

Yeah, and not sure if it is even feasible to create an alternative pass. I don't know enough about the mechanics and logistics of the Suez Canal. But certainly there should be something they can do to create an alternative pathway in the event something like this happens again in the future, which is very likely might.

1 person likes this

@Shiva49 (28380)

• Singapore

29 Mar 21

@porwest Iran has promoted an alternate route but then again politics come in the way. Suez Canal is controlled by Egypt and looks like things will be back to normal soon as the container ship is back on its feet, or rather afloat, now.

@NJChicaa (127135)

• United States

28 Mar 21

They said that the ships are now sitting ducks for pirates too

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@porwest (112876)

• United States

28 Mar 21

It is the other side of the story. They don't have the same kinds of protections we have here for this sort of thing. Not good. The whole thing is bad on many levels for sure.

1 person likes this

@thedevilinme (5216)

• Northampton, England

28 Mar 21

most of the boas going the other way are full or trash and plastic

1 person likes this

@porwest (112876)

• United States

31 Mar 21

It is what it is, I guess.

@ladyhero (3846)

• Indonesia

29 Mar 21

yes I also had time to read this news, a very big and extraordinary loss, if they turn to South Africa it will take longer and a lot of money

@HazySue (39265)

• Gouverneur, New York

28 Mar 21

It is awful. That is a bad thing for all that lost of trade. People around us are starting to say that there might be a toilet paper shortage caused by this. Go figure, the first thing people seem to do is want to run to the stores and stock up.