Disruption-Proof Your Supply Chain
On March 23rd, the world watched as the 1,312-foot cargo ship Ever Given ran aground while passing through the Suez Canal. For over six days, traffic in both directions was blocked, leading to a traffic jam of over four hundred cargo ships and vessels.
The Numbers
The Ever Given grounding held up an estimated $9.6 billion of trade each day that it remained stranded, equivalent to 3.3 million tons of cargo per hour. About 12% of global trade, around one million barrels of oil, and roughly 8% of liquefied natural gas pass through the Suez Canal each day. At the height of the blockage, many ships were re-routed, adding a minimum of several days to their transit time, and losing millions in revenue. Products affected by the stranding will reach their destinations at least a week later than expected, and the full scope of the disruption to global supply chains may not be realized for some time.
Looking to the Future
The Ever Given may be huge, but it isn’t an anomaly; more than 100 similarly-sized ships are currently traveling the world’s waterways, and more are on the way. That means that a supply chain disruption such as this one could easily happen again, and companies need to have the tools to map their supply chains and mitigate risk before it’s too late.
Planning for Supply Chain Disruption
Every company should start with a comprehensive supply chain map, so that global disruptions can quickly be traced to revenue impacts. Through the process of supply chain mapping, companies can also collect key data used in business continuity planning (BCP). Finally, real-time time traceability ensures that you can quickly find out which shipments are at risk and get in touch with the appropriate customers and suppliers to plan alternative deliveries. In a world where supply chain disruptions like the Ever Given are the norm, being able to bounce back first is what sets companies up for success.
Find out more
Sourcemap offers an all-inclusive supply chain continuity solution built on the world's leading supply chain mapping software. Download our Supply Chain Continuity fact sheet or get in touch to find out more.