Suez Canal: Massive cargo ship freed after nearly a week, averting "catastrophic disaster"

Salvage teams on Monday set free a massive container ship that has halted global trade through Egypt's Suez Canal, bringing an end to a crisis that for nearly a week clogged one of the world’s most vital maritime arteries.

Marcus Baker, the global head of maritime and cargo at Marsh Inc. said it was a "great relief" the Ever Given was freed, saying a "catastrophic disaster" was looming had the stricken container vessel not been refloated Monday.

While normal traffic can now resume, the incident caused significant delays to shipments, which Baker said highlights the relative "fragility" of the global supply chain and its heavy reliance on the maritime industry.

It is unknown how long it will take to clear the backlog at the Suez.

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