At least 150 ships carrying cargo worth an estimated $29billion are now caught up in the logjam caused after container vessel Ever Given ran around in the Suez Canal on Tuesday, where it remains stuck.

The owner and insurers of the 224,000-tonne Ever Given face claims totalling millions of dollars even if the ship is refloated quickly, industry sources said.

Necessary and sufficient conditions

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JPMorgan said if this situation is not resolved soon, investors can expect shipping rates to soar and global inflation to continue to rise.

Hey, YOU try dislodging something that weighs 200,000 metric tons.

As efforts to free the massive vessel fail, the Japanese owner has ... made a written apology.

Rescuers are racing to dislodge a vast container ship stuck in the Suez Canal before tides shift next week, potentially stranding it there for weeks and costing the global economy tens of billions of dollars.

The Suez Canal is the ideal target for causing maximum disruption to global trade.