The 400m-long (1,300ft), 200,000-tonne vessel became wedged across the canal amid high winds.
The Ever Given ran aground as it sailed northwards through the canal on its way from China to the Netherlands with two canal pilots on board.
Dislodging the Ever Given is proving incredibly problematic; marine and salvage engineers working with the captain and the Suez Canal Authority failed in their latest attempts to refloat the ship.
Roughly 15% of global shipping passes through the canal, which connects the Mediterranean Sea to the Red Sea and provides the shortest sea link between Asia and Europe.
The alternative route can take two weeks longer which involves navigating around the notorious seas surrounding the Cape of Good Hope, southern Africa.
The blockage is creating long delays, with more than 150 ships currently waiting to navigate the Suez Canal. An average of 51.5 ships per day pass through the Canal.
Shoei Kisen Kaisha, owner of the vessel, today apologised for the disruption to global trade. In a statement the spokesman for the company said "We sincerely apologise for causing a great deal of worry to ships in the Suez Canal and those planning to go through the canal”.
Industry sources warn that the ship’s owner and insurers face claims totalling millions of dollars for the delays and extra costs accrued by other companies.
The backlog from the ship's delay may also lead to a leap in shipping rates.
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Established in Horsforth, Leeds, back in 1991, we are a logistics company who are experts in road, air and sea freight. We transport goods to most major cities, towns and suburbs across all 6 continents. We go over and above to ensure that our client’s products, goods and cargo are transported around the world safely and successfully. We are a family business, who are still based in Horsforth, Leeds, West Yorkshire.