Evergreen Halting Construction In The UK

Evergreen Halting Construction In The UK

The 400m shipping container halting trade.

The news articles have pointed out the the Evergreen is stuck in the Suez Canal and notes efforts to get it sailing again, but we've had a think about the possible effects it could have on the construction industry in the UK...

What do the numbers tell us?

Around £300m worth of raw building materials are estimated to have been imported into the UK last year. Raw materials needed for construction that originate from Asia will be delayed until ship gets moving.

It is estimated by German insurer Allianz showed on Friday that the blockage is costing trade over $7.5bn a week, as hundreds of shipping containers and tankers are being held up from progressing on their routes shipping goods around the world.

The most prominent expect hit to UK consumers is the short lived hit to supply in refined oil, which could results in a temporary increase in petrol prices.

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