The Suez Canal Incident and The Issues of Global Governance

What if four or five out of the seven vulnerable straits and canals were blocked at once? On March 23, 2021, the Ever Given container ship ran aground in the Suez Canal. The incident attracted worldwide attention, and not surprisingly: about 12% of global freight is carried via the Suez Canal, including a million barrels of oil a day and 8% of global LNG exports. On average, 50 vessels pass along the Canal every day. It generates about $6bn of Egypt’s annual revenues, which is about 2% of the...