There are ulterior reasons for this seizure, of course, but Egypt's proffered excuse is almost deliberately and insultingly specious. I.e., it doesn't cost anywhere within two orders of magnitude of a billion dollars to move some sand no matter what cooked numbers the country provides. And 98% of the ships waiting for a week are still going through the canal anyway, so passage-fee revenue will quickly catch up to equilibrium.
(If the Egyptian govt's seizure is not part of a planned white-hat operation, then such a preposterous seizure amounts to flagrant piracy, and would result in steeply-jacked insurance premiums for any vessel and cargo utilizing the Suez.)
There are ulterior reasons for this seizure, of course, but Egypt's proffered excuse is almost deliberately and insultingly specious. I.e., it doesn't cost anywhere within two orders of magnitude of a billion dollars to move some sand no matter what cooked numbers the country provides. And 98% of the ships waiting for a week are still going through the canal anyway, so passage-fee revenue will quickly catch up to equilibrium.
(If the Egyptian govt's seizure is not part of a planned white-hat operation, then such a preposterous seizure amounts to flagrant piracy, and would result in steeply-jacked insurance premiums for any vessel and cargo utilizing the Suez.)