The meme were funny, but this grounding is going to end up costing higher consumer prices.

General Average Declared for Ever Given

On April 1, 2021, Ever Given vessel owner declared General Average. Ever Given ran aground in the Suez Canal on March 23, 2021. With the assistance of 13 tugboats and dredgers, the vessel was successfully refloated on March 29th. The incident caused a blockage of the Suez Canal and halted cargo traffic which is estimated to cost billions of dollars in delayed shipments.

General Average is a legal principle in maritime law which requires that all cargo owners on a vessel to contribute to the loss.

Once the vessel owner declares General Average, adjusters will assess each shipment's value on board and apply a formula that determines the financial contribution of each cargo owner. Cargo owners will then need to post a General Average guarantee.

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