The infamous Ever Given Japanese-owned ship became caught in high winds and a sandstorm as it navigated a narrow stretch of the canal March 23. The world trade came to a standstill for a total of six (6) days while the ship was diagonally stuck on the all-important 193-km waterway of the Suez Canal located in Egypt. Investigations are still ongoing to determine the cause of the blockage

The Suez Canal is one of the world's busiest shipping channels for oil and refined fuels, grain and other trade linking East to West. The Suez Canal blockage roughly cost 12% of global trade and was holding up trade valued at over $9 billion per day, according to data from Lloyd's list. This is equivalent to $400 million worth of trade per hour or $6.7 million per minute! The goods on this shipment alone created a great difficulty for companies like Ikea, Lenovo, Pearson and Snuggy UK. As per CNN these were only a few out of the total 18,300 containers on board of the ship. In addition, in only a few days there was a backlog of over 300 ships on the Suez Canal that were not able to transport cross due to the blockage. The impact of the blockage is foreseen to be long-lasting with German Insurer German insurer Allianz predicted that the blockage could shun global trade growth by 0.2 to 0.4 per cent on an annual basis. Company Specific Take a company as IKEA the Swedish furniture giant who had one hundred and 110 20-ft standard containers on board filled with furniture materials such as padding, nails, wood, and plastic. Their goods come from various part of the world but for this specific shipment the goods were from Asia Pacific area. IKEA is a privately held, international home products retailer that sells flat pack furniture, accessories, and bathroom and kitchen items in their retail stores around the world. The company, which pioneered flat-pack design furniture at affordable prices, is now the world's largest furniture retailer. IKEA was founded in 1943 by 17-year-old Ingvar Kamprad in Sweden and it is owned by a Dutch registered foundation controlled by the Kamprad family. For the purposes of this case study, we will assume that IKEA had arranged the containers under CIF (New York Port) Incoterms 2020, with their freight forwarder.

Questions

2. Complete stakeholder analysis as it relates to the company (IKEA) identifying direct and indirect impact of the incident on these stakeholders.