Modeling the dynamic impacts of maritime network blockage on global supply chains

Abstract

Recent phenomena such as pandemics, geopolitical tensions, and climate change-induced extreme weather events have caused transportation network interruptions, revealing vulnerabilities in the global supply chain. A salient example is the March 2021 Suez Canal blockage, which delayed 432 vessels carrying cargo valued at $92.7 billion, triggering widespread supply chain disruptions. Our ability to model the spatiotemporal ramifications of such incidents remains limited. To fill this gap, we develop an agent-based complex network model integrated with frequently updated maritime data. The Suez Canal blockage is taken as a case study. The results indicate that the effects of such blockages go beyond the directly affected countries and sectors. The Suez Canal blockage led to global losses of about $136.9 ($127.5-$147.3) billion, with India suffering 75% of these losses. Global losses show a nonlinear relationship with the duration of blockage and exhibit intricate trends post blockage. Our proposed model can be applied to diverse blockage scenarios, potentially acting as an early-alert system for the ensuing supply chain impacts. Furthermore, high-resolution daily data post blockage offer valuable insights that can help nations and industries enhance their resilience against similar future events.

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