The fate of hundreds of billions of dollars of world exports was put in limbo last week after a Janese-owned container ship ran aground in the Suez Canal, with all efforts to remove it proved futile. Lloyd’s list estimates that the ship holds as much as $ 400 million in goods every hour as it remains trampled in the canal.
China has dramatically increased shipments to Europe using rail infrastructure in Russia and Central Asia, with freight transport doubling in the first two months of this year after seeing a similar increase in demand between 2019 and 2020, Financial Times reports, quotes official data quoted by Chinese media.
According to the data, over 2,000 freight trains ran between China and Europe in January and February 2021, about twice the speed seen a year earlier in the same period.
Freight shipping also reportedly saw a jump of fifty percent in 2020 compared to 2019 and has increased as much as 700 percent since 2016 amid the implementation of China’s ambitious Belt and Road Initiative to expand trade and integrate Eurasian space.