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05 April 2020 The on-line newspaper devoted to the world of transports 14:09 GMT+2

February 6, 2011

Egypt turmoil and world shipping

Santanu Sanyal
The Hindu Business Line

Although crude prices have crossed $100 a barrel, the closure of the Suez Canal may not impact world oil supplies as much as it did decades earlier.

The world shipping and oil trade are leafing through the pages of history to examine 'what if' scenarios, in case the 120-mile long Suez Canal shuts in the wake of the present turmoil in Egypt.
The canal was closed in 1956 during the Suez Crisis and it was blockaded for eight years following 1967 Arab-Israel Six Day War. But oil was not traded on spot market then, and therefore the impact on the tanker market was limited ......
Read more on The Hindu Business Line

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