Suez Canal blocked/blockaded
- Thread starter Hawkeye10
- Start date
moon
Satire for Sanity
I really miss having journalists.
moon
Satire for Sanity
Suez crisis creates winners and losers in the global supply chain
The Greek shipowning community, which controls more than a fifth of the world’s ocean-going merchant fleet and more than half of the EU fleet, is poised for a potential bonanza in rates.
https://www.aljazeera.com/economy/2...winners-and-losers-in-the-global-supply-chain
The Greek shipowning community, which controls more than a fifth of the world’s ocean-going merchant fleet and more than half of the EU fleet, is poised for a potential bonanza in rates.
https://www.aljazeera.com/economy/2...winners-and-losers-in-the-global-supply-chain
Shall we talk about what is going to happen to the insurance rates? I know that these owners almost all self insure, this one had $3 billion in coverges, but the owners are going to have to put up a lot more for insurance going forwards....we are all going to pay for that because shipping rates will go up to cover it. We will not know for at least 6 months (probably more like a year, our experts work at the speed of slugs) how much this cost the global economy generally and insurance companies in particular.
I did some work with shipping forms. I know that any company that self insures cannot carry most cargo. The cargo insurance company wants to know there is a shipping insurance company. And the bank securing the export/import wants to know there is cargo insurance.
Not exactly a reputable source.
The middle and upper middle class in many third world countries keep some of their "rainy day fund" in gold that they self-store. India is famous for this, but Egypt has a lot of this too. The problem with that is it is not as much as you think, and the government has no access to it. El-Sisi could send the military into people's houses to seize the gold, but they would only find some of it, and the soldiers would steal for themselves most of it. It would additionally create a revolution.
As far as gold reserves of the Egyptian government, they have 80 tons. That is about $4.4 billion at current gold prices. It is used to stabilize the currency, so they really do not want to sell it.
Egypt has long had a bad relationship with many of the oil producing Arab countries, and the oil producing Arab countries are having a tough time lately. Europe or China are obvious places to go for investment, but there is a problem that Egypt has a history of defaulting on investments. El-Sisi is very mercurial, so does not instill confidence.
Egypt used to be good at figuring these things out. They had a solid, well educated civil service that could figure out solutions. When they needed Aswan Dam built, they first nationalized the Suez Canal. They used the hard currency from the Suez Canal to pay the Soviets. The Soviets exported the equipment from Central Asia (not easy), and also exported huge amounts of second rate consumer goods. The Russians paid the Egyptian workers in Russian Rubles, which the workers used to buy second rate Russian consumer goods. Back then, Egyptians were just happy to own a TV, even a Russian one. It all worked out, for cheap, but was extremely complex... AND meant the world did not trust Egypt for nationalizing the Suez Canal.
El-Sisi has gotten rid of the last of the competent civil servants. There is no way they could execute such a complex plan today.
The Chinese Belt and Road projects have been failing. The problem is they make demands, but sovereign countries can ignore demands. And the Chinese do not seem competent at dealing with locals.
But it is an obvious project for the Chinese Belt and Road Initiative. I mean, it is the main connection between China and Europe, you cannot get more "belt and road" than that.
El-Sisi is a right wing populist, military dictator. He will organize the investigation, and then order them to find whatever he wants. What it will not find is that El-Sisi ordered shipping to continue during dangerous weather to get a few extra dollars of hard currency. His investigation will never show that he lost at any risk he took.
cancel2 2022
Canceled
Walt. Once again you just show your complete and utter ignorance on something you know nothing about. Congratulations, I can see Moon gave you a reach around. A sure sign you are still dumber than fuck.
Interesting:
Seems like gaining the ability to offload the super large container ships is required...I suggest a surcharge on the super large container ships in order to fund this needed capacity.
https://globalnews.ca/news/7733493/suez-canal-upgrade/
Seems like gaining the ability to offload the super large container ships is required...I suggest a surcharge on the super large container ships in order to fund this needed capacity.
younever cite anything and post lie what is "demands" - payment demands?.
they most certainly DO demand payment, and when it defulats China takes over ownership of the infrastrucuture
https://www.trtworld.com/africa/how-china-s-debt-trap-diplomacy-works-and-what-it-means-32133
Chinese administration gives loans and debts in order to sustain its ambitious BRI, which would pave the way for its global leadership in the future, while on the other hand it seizes assets of the countries that are unable to clear their debts.
As the manufacturing hub of the global economy, China has a vested interest in promoting unfettered trade in manufactured goods, as well as trade-related infrastructure development.
In this context, the massive BRI has become the backbone of China's global integration strategy on the basis of integrated energy, logistics, transport and communication linkages across the Eurasian axis reaching to the Middle East and Africa.
Kenyans recently raised concerns over Beijing's plans to take over one of its strategic seaports since the African country is unable to clear its debts.
more uncited lies.
does Sisi run the canal? did he order it to stay open in "dangerous weather?" - your posts are wandering ideological clap trap fantasies
Suez Canal Authority
https://en.wikipedia.org/wiki/Suez_Canal_Authority