What the Ship: Ep99 | Black Sea, Russia & Ukraine | Red Sea | Panama Canal | Containers | War Risk
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- Опубликовано: 19 июн 2024
- What the Ship (Ep99) | Black Sea, Russia and Ukraine | Red Sea and Houthi Attacks | Low Water in the Panama Canal | Container Sector | War Risk Insurance
What's Going on With Shipping?
Feb 11, 2024
In this episode, Sal Mercogliano - maritime historian @campbelledu - discusses the Top 5 Maritime Stories as of Feb. 11, 2024.
#supplychain #shipping #babelmandeb #redsea #suezcanal #tankers #bulkers #containerships #chokepoints #russia #ukraine #redsea #panama #insurance
Support What's Going on With Shipping via:
Patreon: www.patreon.com/wgowshipping
Twitter: @mercoglianos
Facebook: @wgowshipping
Email: mercoglianosal@gmail.com
00:00 Introduction
00:52 1. The Black Sea, Russia and Ukraine
Ukraine Farm Exports From Odesa Seaports 14.3M Tons Since August
gcaptain.com/ukraine-farm-exp...
Russia Says It Foiled Ukrainian Drone Attack On Civilian Cargo Ships In Black Sea
gcaptain.com/russia-says-it-f...
US Issues New Sanctions Over Russian Oil Price Cap Violation
gcaptain.com/us-issues-new-sa...
Greek Shipowners Are Stampeding Out of the Russian Oil Trade
gcaptain.com/greek-shipowners...
Russian Oil Tanker U-Turns Hours After Being Hit by US Sanctions
gcaptain.com/russian-oil-tank...
US Sanctions Halt Delivery of New Vessels for Russia’s Arctic LNG 2
gcaptain.com/us-sanctions-hal...
High Tanker Rates Hit U.S. Crude Exports to Asia
gcaptain.com/high-tanker-rate...
09:05 2. Red Sea & Houthi
Maersk CEO Says Military Operations Can’t Guarantee Safety of Ships in Red Sea
news.usni.org/2024/02/08/maer...
IMF Portwatch
portwatch.imf.org/pages/57301...
Shipping Industry Issues Revised Guidance for Navigating Southern Red Sea
gcaptain.com/shipping-industr...
More Grain Ships Diverted From Red Sea Due to Houthi Attacks
gcaptain.com/more-grain-ships...
Red Sea Chaos Causing Global Oil Buyers to Shop Local
gcaptain.com/red-sea-chaos-ca...
EU Aiming for Mid-February Launch of Red Sea Naval Mission
gcaptain.com/eu-aiming-for-mi...
16:30 3. Panama Canal
Panama Canal Expected to Maintain Current Transit Levels Through Dry Season
gcaptain.com/panama-canal-exp...
End of El Niño Could Bring Relief for Panama Canal Water Crisis
gcaptain.com/end-of-el-nino-c...
Gatun Lake Water Levels
apps.pancanal.com/t/TI/views/...
22:22 4. Container Sector
Maersk Shares Hammered as Red Sea Boost Masks Overcapacity
gcaptain.com/maersk-shares-ha...
Maersk’s Profit Warning Amid Shipping Overcapacity and Red Sea Disruptions
gcaptain.com/maersks-profit-w...
US Container Imports Expected to Rise in First Half of 2024
gcaptain.com/us-container-imp...
US Container Import Volumes Surge Amid Global Supply Chain Challenges
gcaptain.com/us-container-imp...
Freight Rates Begin to Settle as Shippers Adjust to Cape Diversions
gcaptain.com/freight-rates-be...
Freightos Terminal
terminal.freightos.com/
33:14 5. Marine Insurance
G-7 Aiming to Force Russian Oil Away From Shadow Fleet, UK Official Says
gcaptain.com/g-7-aiming-to-fo...
US Insurer Covers Oil Tankers Suspected Of Violating Iran, Russia Sanctions
gcaptain.com/us-insurer-cover...
Marine Insurers Continue to Support Red Sea and Black Sea Trade Despite Challenges
gcaptain.com/marine-insurers-...
US, UK Ship Investors Hit by Soaring Red Sea Insurance
gcaptain.com/us-uk-ship-inves...
Chinese Ships Get Insurance Edge Navigating Red Sea
gcaptain.com/chinese-ships-ge...
Thanks,
and Bab el Mandeb to you all!
Sal! I’m thinking of putting together a “Bab al-Mandab” cocktail for the menu of my bar here outside of Norfolk. If you need me I’ll be in the lab will share the results soon!
Amazing!
White rum, pineapple soda and a little splash of tropical punch koolaid. Yummy!
@@jimandskittumrum? In the Red Sea?
@@jacobjorgenson9285 i assume because no one actually likes arak... 🙃
Thank You Sal. There is ALOT at play, doesn't matter where Your from or what You do.
Thank You for filling in the pieces.
🌎
Amen I second that!
🚢
Thank you Sal, for your continuous coverage of all things shipping…i am grateful. ….Tom
You do a great job explaining what's happening. I have got my popcorn and ready for your100th episode. As a side note, can you give a shout out to where you get your shirts from?
His wife.
I get shirts like his from my local (S.W. Florida), Goodwill - new/like new less than $10. That's with pockets that match and are alligned with the pattern.
FYI, the U.S. Naval Institute is independant, it is NOT part of the Navy.
AGREE, He has the cheeriest , most colorful , best looking shirts of ANY giver of doom and gloom on YT..😀
Wow 99 how great and congratulations! Who could of predicted how important your channel has become to so many.
Thanks for finally addressing the increased _use of water_ from Gatun Lake, re-use, and anything that effects the water available to keep the Panama Canal operating.
Nice shirt Al ❤
It's a Boogaloo Boy shirt.
Lots going on in the world of global shipping. Thanks for keeping us up to date.
Thank you for keeping current on shipping developments, and sharing with the rest of us!
Thanks for all your hard work Sal, North East England.x
As a container shipping investor I just love to get your information about the containers! Thanks a lot, Sal!
You gave me the 99th book i listened to on Audible, Path Between the Seas.
Thanks for the education and the great storytelling
Waiting on the big One hundred
Good explanations of some difficult topics, Sal, thanks! 😎✌️
Thank you.
You're welcome
It will be interesting to compare and contrast this partial Suez Canal closure to the 1967 Six-Day War closure when Egypt closed the Suez Canal, which it owned and operated, and kept it closed until June 1975,
Egypt is getting killed financially because they are not getting revenue from the ships transiting the Suez Cannel.
Great as ever, Sal. I really appreciate these multi-story episodes and the wider perspective you show and explain. Many thanks.
Thank you for the South America coverage!!
I finally looked at the Panama Canal on a map app after hearing Sal mention it so many times. It just never before occurred to me to do so. The reclamation tanks (small reservoirs) are visible on the new lane, just like Sal said. You can make out the containers on the ships crossing the lake.
I’m an avid map reader, and learning about shipping from Sal has been a great reason to look at more maps. Thanks, Sal.
Thanks for the attention you gave to insurance!
An excellent video...
No proselytizing...
Good job...
I have never thought about shipping much, I can't say exactly why but I am fascinated and love the channel
Congrats on 99, but the best achievement is that sign behind you, "I love that you're my Dad". Job well done!!
Great episode
Lots of great tidbits in this episode!
Maybe instead of scrapping all those old ships we should turn some of them into launching platforms for hordes of our own cheap drones.
I wish you would have been my high school teacher. You have a good way of keeping my attention!
Great video thanks 😊
Thank you Sal. You are the sharpest, best informed person to go to for the shipping outlook and info. I do love your island shirts and atmosphere. I bet you dress up as a pirate captain in your college courses also! lol.
WOW! What a lecture, Professor Sal!
Right at a hunnerd! Good on ya, Sal!
Thanks, all the best
Thank you. Great information.
A very good source of news
Thanks!
Thanks!
one of your best!!
Thanks Sal always good to check in with you🧸
Thank you for a stellar education! Long time watcher since Evergiven. Nice shirt, btw!👍👍
Outstanding, as usual, Sal. Thank you for this report.
Have a nice day.
The people of Ukraine are incredibly tough and resilient. I respect and admire them for their indefatigable, steadfast persistence in all things. They may not be Finnish, but they know SISU.
Great coverage. Unique perspective. Keep up the good work!
Hey Sal, for the 100th episode special you should have the Ever Given as a guest. 😉⚓🏗️⛴️
🤣
Thank you Sal. Informative and entertaining.
Heading to 200k subs. I remember watching when it was under 2000
Congratulations Sal..
LIVE STREAM FOR EPISODE 100 💯🔥💯💯💯
Im an OS now - thanks for all your insights, you’ve helped me a lot
Here for the Bab-el-Mandeb drinking game! 🍻
This was awesome! ...so well done and I learn so much from you :)
Glad it was helpful!
As a student of history & geopolitics, I really appreciate your content even if I don't always agree with it because it never failed to provide a tangent/POV that I wasn't considering earlier. It's absolutely eye opening and understanding shipping (as much as my restarted ass can) while also understanding weaponary and its logistics provides a lot wider view of any given situation
I think you hit the nail on the head with regard to disagreeing with some of Sal’s points. Sal is offering a point of view that is worth considering, a POV you won’t get anywhere else. He has considerations that you (as a student of history and geopolitics) might not have been aware of or on which you might not place as great importance as he does.
What a time to be alive, when we have access to a professor like Sal, or to an anonymous defense analyst in Australia, or many others willing to share their expertise with us. (Yeah, that was a shout out to Perun, whose ppt videos you probably already watch. If you don’t, you should.)
Great info Sal...much appreciated.
Great report as usual Sal. Thanks.
love the update.
Thanks Sal.
Please cover the Tobago "Mystery Ship" oil-spill 🙏
That is an interesting story!
Sal, do the 100th episode from SEA!
Thank you as always Sal
Great stor-ies. A lot of news. But the cherry on top was Insurance and Freight Forwarding. I have a friend in Port Tema Ghana, and he's interviewing for a Freight Forwarding job on Monday,. So I just texted him that FF tidbit for his interview.
11:30 crickets from Egypt.....they should send their Navy into this area to protect carriers
I’m sure they’re protecting all Egyptian flagged ships from the Houthis. What more do you expect from them?
Great brief!
Hello Sir Thank For Update Blessings🖐🖐💙🙏🙏🇺🇸🇺🇸
Thanks
good!
Thanks.
100 th show next 😮 Thoroughly enjoy your shows ❤ and tell my friends and family about them 😊
Always insurance controlling the world. Great video. I run into this with my job. I travel a lot and happen to be a private pilot, but not one American company I have worked for will allow me to fly myself from point A to point B. The excuse is always the same Insurance or Lawyers. Yet they have no problem with me driving my big ole pickup 10 hours to a job site.
More likely it’s your employers using insurance or lawyers as the excuse for making you do things their way. Perhaps they have reasons for having you follow their policy, and it’s quicker for them to say “insurance/lawyers”.
Insurance doesn’t control the world. It’s an important part of commerce, more important than many realize. The truth is that no one controls the world, and commerce is at risk from all manner of calamities, natural and man-made. Insurance is used to hedge against that risk, to smooth out the chaos. “Insurance controls the world” sounds like something you might say if you were trying to blame someone else for the world not being to your liking.
bong rips for Babel man Dev!!
Red is your color! ❤
Good news, "What the Ship" is on! Looking forward to the growing franchise of ship ...
The Ship Show
A Ship Load
Ship Happens
Ship On
Ship Out Of Luck
Up Ship Canal
Really good information, Sal. Thanks for staying with this. Concerns have shifted form the West Coast, but would be interested in the ILWU contract terms regarding modernization, automation and technology. Seems like if we (the US) do not address these issues, we will not be competitive in the long run with global ports. Thoughts?
Hey Sal, Just circled around and here i am..Only a sm backache on this one..😀 Just 1 day , 24hrs w/out a issue , crisis , drama , killing , trying to kill , thinking about it killing ?? Been watching the "WGOWTrucking crazy train now..When a lg snow storm is forecast here in N.H. they say "it's gonna be a doossey"😀
Ok, so while I normally hate ads, there was one on this video that was timed to make your joke about falling asleep thinking about insurance even funnier. The video went into an ad, and when your video resumed, it was right at the part where you were pretending to sleep and then wake up. LOL
getting some "pre-gaming " in. Having my celebratory 100th episode cocktail, now, to beat the rush!
Big 100 Coming Up!
Limits to growth is a thing when the limiting factor is rain. The El Nino we were expecting in Australia has turned a dry summer wet. We have Panama's expected water. Panama will be dry this year.
99th!!! Congratulations!!
Enjoyed ? o yeah. Gn fron Norway !
99 episodes! Almost finished!
Roll tide roll.
I'm concerned that only large and larger ships will be on the sea and the smaller ones scrapped. What I'd do if I were a voice, is to have local port cargo ships and the bog ones dump in a harbor and take off for distant other port. Local picks up and takes containers to 2 or 3 other local ports. Then smaller ports are used, and lock systems work and big ones move the long distance but not a local taxi driver. That is my thought. Helps both sides.
Sal. Did i see you take a drink when you said, Bab el Mandeb? I did...and i did :) Thanks. Cheers, mate!
Hopefully help the south
Africa economy little bit with the increased shipping passing by 😊
Wow! Insurance is HUGE.
Why pay if there not heading that way?
Happy99th 🎈🎉
There are three possible solutions, among others, to Panama's water problem given the outflow for most of the water used, is discharged to the sea.
1.) Develop a lake water re-use system
2.) Develop a sea water pumping/reservoir system using wind farm pumping or other electrical generation system to pump the sea water into holding areas to be used later.
3.) An environmentally safe combination that utilizes both the fresh water and the sea water in different parts of the system.
The idea is an augment, not totally replacement. Total replacement " seems " totally out of the question.
It is great to see others thinking about the problem. The World appears to think there are no solutions and they are worried. The nations are attempting to send people to the moon and yet there are way too many problems to be solved on Earth. @@zonian1966
You can’t let anything that has mixed with salt water enter the lake. That means that any water going up in a lock can never be added to the lake.
It also means if you use a lift, you have to drain the lift like a dry dock each time. That requires a blocking plan specific to each ship being set out each time.
Daniels: That is right, that is why I stated the water would be stored in " reservoirs ". It would then be used in the locks. The water in the locks is discharged into the sea as it is done now. Currently, the lake water is mixed with sea water as it exits the locks at the bottom. Therefore there is no salt water in the lake. @@DanielsPolitics1
wooooo 99!
great video Uncle Sal, chocked plumb full of information and delivered in a way only you can voodoo. by the way, how's things going over there in the land of J. Booty these days?
Sal, the FREIGHTOS data does show a tick up, but nowhere near where it was during the height of the supply chain crisis, and it looks like it is now closer to the rates just before that crisis. I would be nice to see the data from a little earlier. From what you have shown us, it seem to be getting back to where it was before, and that the ultra-low rates we saw recently were an anomaly.
Another thing is about the shipping companies. Shipping is a capital-intensive business. So, yes if they make $1B that is still real money. On the other hand, their ability to raise capital is directly related to their profit outlook. If profit expectations get too low, the capital will go elsewhere.
The conflict isn't just economic and political, it's also religious.
Hey Alex, at 19 minutes. The freshwater coming from the lake into the locks can be put back into the lake. Is fresh water or do I have the water that's being used for them to exit the lake? Is it coming from the ocean where it's brackish? If it's purely coming from the lake, why can't it not be pumped back into the lake? I'm quite sure there's a plumbing contrary to popular belief going on here. If it came from the lake it should be able to go back into the lake and not be brackished which is freshwater and saltwater mixed together for those that are not aware of what brackish means. I studied the Panama canal but as the old saying goes if you don't use it you will lose it theory has come to fruition in my mind. I remember the total construction of 2 countries where the USA finally built it due to the malaria and all that. Solved by diesel fuel for the most part. Also enlarging the gates for at that time was super ships. Recently, as in the last 20 years as I recall, it was enlarged again for what's now called the panamax ships. These are monster carriers for sure. Even for a super carrier due to the design of the hull is not required to go through a panamax lock. I'd appreciate a little feedback on the plumbing part at the freshwater is going in the lock. Why can't it be pumped back into the lake to hold as much as it can with the weather issues at hand? Thanks, Alex 🕊️🕊️🕊️
I've been wondering myself, if there aren't desalinization plants at the final locks then the lake is already brackish. If I had to guess, the existing plants are set up regular rainfall, and they aren't getting that. I don't know if panama and their current partners aren't investing in desalination to match capacity.
@@ajobdunwell2585 When it was being built, The Lock's of the Panama canal. I have seen all the major pump's & Gears to function the lock but the water plumbing was not to particular of the entry & Exit part's of the water would be used for this Function 🤔 It would be the country of Panama to keep there Drinking water on going at all times. Even in a drought. So I was just thinking back the best I could as to why pump the Fresh water that is under pressure in the4 Exit is a simple way of doing it. So is letting the weight of the Monster Ships , pump it back into the Lake. Even if it needed a little Help from a 24" Pump ? Simple Theory I believe.
@@RagsAIN-14 I don't know about the actual plumbing, but when a ship enters it will bring salt water into the mix. The exit will release fresh water from the system. There was a time when you or I could take our dinky yacht thru, but I believe those times are long past. By adjusting the depths of the entry and exit locks that can be minimized... But in a drought water would need to be desalinated and put back into the system... And when I say capacity I mean volume of traffic or number of transit's, not volume of water (but there is an obvious correlation).
I think in 2010 we turned the canal over to Panama, and my understanding is that they have new partners.
@@zonian1966 I knew that they used the natural pressures of the man-made lake to let the ships out. I did not fully understand that they did that as well to raise them up into the lake. That is a lot of fresh water being dumped into the ocean 🫣 I know the natural gravity of the water is much faster but so would be a couple of 48 inch pumps to save the natural water of the lake. Little extra time with lowering the ships into the ocean. Pushing the water back into the lake I believe would be a lot cheaper than dumping it into the ocean. I believe that would be also cheaper than unloading a ship's cargo until it gets to the other side. I don't know the monetary cost of these issues but I know it's got to be astronomical. If they're willing to do that then go around the cape. I truly appreciate your Intel into the circumstance of the Panama locks. I believe we the USA had a 100 year lease that expired under the Reagan administration I believe. If not it was the Clinton but I could be wrong. I'm a DAV with a lifetime supply of meds so bear with me. Ty very much 🕊️🕊️🕊️
@@zonian1966 oh, I'm fully aware that the u.s built it. I believe the French tried to build it but could not come up with a solution for the mosquitoes and the malaria. I do remember in school though that due to I believe it was Roosevelt POTUS that pushed it through. We were always taught that there was a 100 year term on that for building the locks and the canal. Appreciate your time but I do believe I seen a signing of either Reagan or Clinton turning over that Panama canal to the panamanians. I'm not quite sure due to today's events, but that's what I believe I remember. In I feel that there's a better way for them to save the fresh water than to just dump it in the ocean 🤔
One thing I'm curious about is how is South Africa handling increased bunkering volume?
Again, great job Sal! I think one reason why Maersk is unhappy about profits of $1 billion is that they have assets of about $25 billion-meaning they are only earning 4 percent on their investment. They could do better by investing in a CD with virtually zero risk. What might happen if Russian oil tankers are hit will create a real interesting situation for oil exports for the US (and for Chinese imports too).
Sea news is all I care about now :)
Like that shirt
Hey Sal. Love your content . Im a new viewer and somekne who has recently taken an interest in shipping. If the long term frieght rates are going up and they shipping companies charging more, why are people less optimistic about shipping ? Shouldn't it be good for shipping as they are charging more?
33:19 Is there a risk that the maritime insurance ripples out to cause higher premiums for car insurance? 😮
That should wake everyone back up!
Hi Sal, i would feel better paying the Insurance Company's rates, if they had a standing army and at least 3 surface fleets.
Sorry Sal, Ukranian RuZZian grain deal was canceled by Putin refusing to agree to second year of program. Fun fact, Putin made a major strategic blunder by cancelling the deal.
Nice to hear that Ukraine is winning and controls the Black Sea.
Would that everyone was a problem solver... 😮💨 Everybody Drink! - all I've got is Rosso.
What threats are there to the Malaka Strait?
Hey, Sal, wondering whether -- in the absence of a formal declaration of war by the Houthis on Israel or the US -- an attack on shipping in the Red Sea/Gulf of Aden could actually trigger a war-time insurance loss? Might US-flagged vessels seek backstop coverage under the US Terrorism Risk Insurance Act (TRIA)? Cheers.