One of the busiest shipping canal ’Suez Canal’ , is struck with a huge traffic jam right now. It’s been 2 days since a massive cargo ship got stuck. It is believed that this traffic jam can cost around $400 Million ( Rs 2900 Crores) per hour. As per this amount, there is already a loss of around $19.2 Billion ( Rs. 1,44,000 Crores) in just 2 days.

As per reports, this massive cargo ship is 400m long and 59m wide and weighs about 2L tonnes. This ship was on its way to Rotterdam in Netherlands from China.

More than 100 ships are stuck in this jam and could not move in either direction since Wednesday. The reason of this jam believed to be the poor visibility and high winds from sandstorm that stuck the ship this week and the ship lost its direction.

8 tug boats have been deployed to free one of the world’s largest container ship. As per sources, if this doesn't work out, the ship will have to be dug out.

The canal is world’s most trafficked waterways used for shipping crude from the Middle East to Europe and North America and in the opposite direction. 

The jam could affect the crude old prices and it’s impact it yet to be estimated.

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