Attached shipping vessel in the Suez Canal

A large submarine sank in the Suez Canal in Egypt on Tuesday, March 23, stopping maritime traffic through one of the busiest waterways in the world.

The vessel, a vessel named Ever Given, ran aground after strong winds and a sandstorm causing very little visibility and poor sailing, the Suez Canal Authority said in a statement. The ship was on its way to the Dutch location of Rotterdam when it was wrecked off its course.

The Ever Given, at 400 meters (1,312 feet), is almost as long as the tall Empire State Building.

The Suez Canal accounts for about 30% of global ship traffic per day, according to Reuters news agency. Experts are concerned that if the Ever Given is not released soon, the logjam could affect the oil market, shipping and shipping levels, leading to a rise in the cost of everyday goods.