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A giant container ship named the Ever Given left the port of Ningbo, China, which is just south of Shanghai. The Ever Given flies under the flag of Panama, but itโs owned by the Evergreen Marine Corporation, a huge taiwanese container transportation and shipping company.
The Ever Given would go down the Asian continent. From there, it would start its 10 day journey out at sea all the way to the Gulf of Aden at the horn of Africa, up the Red Sea, all the way to the Suez Port at the south end of the Suez Canal. The Suez Canal is the connecting link between two giant economies: Europe and Asia, that allows ships to not have to sail all the way around Africa, which can add two weeks to the trip.
But in the span of 7 minutes, one of the most important trade routes is shut down, 12% of global trade grinds to a halt, at the cost of $400 million dollars every. Hour.
Initially, they estimated that it would take around a week to get the ship out, but that estimation quickly grew to a few weeks. So the natural question is -what made the ship crash? At first, the crash was blamed on the bad weather. People also started to say that there was a power outage on the ship. The balance of the world can flip within minutes.
Shipping used to be very complicated and expensive. But by the 1970โs – the 20 foot shipping container became the standard. And from that point on, the world economy was forever changed. Or in other words, shipping containers have become part of the lifeblood of the modern economy.
Since the Suez Canal mainly connects Europe and Asia, initially, there were a lot of fears that it would disrupt the global economy and supply chain. But what you should worry about is just how fragile our delicate world really is.
Since the start of the industrial revolution, everything in society has only gotten more concentrated, more centralized. Which leads us to today, where weโve optimized everything to be the lowest cost possible, but at the expense of any robustness in our global economy.
The world as it stands is very fragile – and when you look at it through this lens, isnโt it just amazing that weโve somehow not only survived, but thrived this long? Without blowing ourselves up? It’s incredible.
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invention_ – ebb//flo https://chll.to/bc168060
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