At least 160 ships loaded with biofuel and cargo are waiting to pass through the blocked Suez Canal. Nearly 30% of the volume of shipping containers in the world passes daily, through the 193 kilometers long canal, and about 12% of the total world trade of all goods. Meanwhile, the Suez Canal Authority has officially stopped navigation in the vital waterway as efforts continue to dislodge the ship. John Defterios, emerging markets analyst at CNN, reports more details.
