Suez Canal: Fears UK prices will soar as Ever Given blocks trading route – just before Brits can go to shops again

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THERE are fears prices will soar as the Ever Given ship blocks the Suez Canal for the fifth day in a row.

It could be a major blow for the UK as Brits prepare to return to shops again next month.

Experts have also warned the blockage could lead to supply issues for months on end.

Lars Jensen, chief executive of Sea-Intelligence Consulting, told the Daily Mirror that the delay would cause a “ripple effect” with increased freight costs and freight times.

He said: “Even if the canal was to open tomorrow it would cause months of shipping delays.

“This is majorly important for companies and retailers. At some point it will reopen, and when that happens it will be like ketchup out of a bottle.

“Normally Europe receives around 50,000 containers a day as ports can largely handle that flow. Suddenly there will be a huge chunk of cargo at once, resulting in ports congesting. Ports won’t be able to handle this.”

IKEA, the world’s largest furniture seller, is among the retailers with goods on the stranded vessel.

And the blockage, which is holding up almost 30 per cent of global container traffic, could also hit PlayStation 5 stock.

Osama Rabie, Chairman of the Suez Canal Authority, has said a “technical or human error” could have contributed to the ship being stranded.

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Source: The Sun

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