A few years ago, Egypt decided to widen and deepen the Suez Canal to allow large container ships to be able to use the facility. They were making $5 billion a year in fees and believed the move would essentially double or triple their income. Well, it hasn't worked out that way. The annual fees are still in the $5 billion range and now they are facing a massive problem.
A week ago a Japanese container ship owned by an outfit called “Evergreen” was blown sideways by high winds and got stuck in the canal. As you probably know, container ships ...