Breaking: Massive container ship freed from Suez Canal

Why it matters: The massive maritime traffic jam wreaked havoc on global trade and resulted in one of the largest ship salvage operations in modern history.

Shippers with containers carrying oil, commodities and consumer goods were forced to reroute around the southern tip of Africa, adding weeks and tens of thousands of dollars of additional costs to their voyages.

The Suez blockage was estimated to cost $400 million per hour in delays to goods shipments, according to CNBC.