The Panama-flagged ship, Ever Given, veered off its course in a single-lane stretch of the canal during a sandstorm on Tuesday.
Now, more than 360 vessels have been stranded in the Mediterranean to the north and in the Red Sea at the other end as well as in holding zones.
Striking footage posted by Daily News Egypt shows the colossal scale of the jam — as dozens of container ships, bulk carriers, oil tankers and liquefied natural gas (LNG) or liquefied petroleum gas (LPG) vessels wait to pass through.
Industry experts have estimated the total value of goods marooned at sea could be up to $US9.6 billion ($AU12.57 billion).
Some 1.74 million barrels of oil a day is normally shipped through the canal, but 80 per cent of Gulf exports to Europe pass through the Sumed pipeline that crosses Egypt, according to Paola Rodriguez Masiu of Rystad Energy.
According to MarineTraffic, about 100 ships laden with oil or refined products were in holding areas Sunday.
Dredgers working to dislodge the stranded vessel have so far moved 27,000 cubic metres of sand, to a depth of 18 metres.
The mammoth operation continues around the clock, but it is being hampered by changing wind conditions and tides, the Suez Canal Authority (SCA) said in a statement.
Egypt’s President Abdel Fattah al-Sisi has ordered preparations for the possible removal of some of the ship’s 18,300 containers, SCA Chairman Osama Rabie told Egypt’s Extra News.
Meanwhile, the jam is continuing to send shockwaves through the global economy.
Crude prices shot up on Wednesday in response to the Suez blockage before dropping the next day.
Nearby nations are being hit hardest, with sanctions-hit Syria, announcing a new round of fuel rationing after the holdup delayed a shipment of oil products from ally Iran.
Syria’s Ministry of Petroleum and Mineral Resources said the step has been taken “in order to guarantee the continued supply of basic services to Syrians such as bakeries, hospitals, water stations, communication centres, and other vital institutions”.
‘Adds to volatile situation’
Apart from goods, some 130,000 head of livestock on 11 ships sent from Romania have also been held up.
“My greatest fear is that animals run out of food and water and they get stuck on the ships because they cannot be unloaded somewhere else for paperwork reasons,” Gerit Weidinger, EU co-ordinator for NGO Animals International, told British newspaper The Guardian.
Egypt, for its part, has sent fodder and three teams of vets to examine livestock stuck at sea, some bound for Jordan.