291–300 of 593 posts
I wish to see a satellite photos to see a traffic jam from the above. It is definitely not too common to see that many ships waiting in queue to entry the Suez canal [0]. [0]: https://www.marinetraffic.com/en/ais/home/centerx:32.3/cente...
https://www.reddit.com/r/Damnthatsinteresting/comments/mf705... https://www.reddit.com/r/interestingasfuck/comments/meopv9/s...
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Boring, facts and research based industry/financial news exists. But it can cost upwards of a couple hundred thousand dollars per year. If you want real news, you'll have to pay for it.
What are your recommendations for real news? I've heard FT, WSJ, and the economist, and am looking to finally commit and sign up instead of relying on free. You get what you pay for is true in this case, and I don't wanna put drama based narratives in my head, which form my perception of the world.
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Container ships can easily have an unpredicted wait of 1-2 weeks just entering port, happens all the time and isn't major news. Few days in the Suez canal isn't going to do anything to cargo.
While the Ever Given may not have an issue, the HAJH AMINA which is waiting in the Great Bitter Lake is a livestock carrier that should have been unloading in port yesterday.
Lots of articles quote a $XXX billion dollars per day figure, but those numbers are normally for "worth of goods delayed" which, while interesting, doesn't tell the story to me. Are there any estimates as to the actual cost of this "mishap", due to e.g. spoilage, financial/contractual repercussions of late deliveries, personnel/fuel costs?
I work on an IoT product, and operations is already talking about potential production delays because of this. There's already a global plastic shortage, and this is only going to make things worse.
Most businesses can’t just skip a week and then process twice as much raw goods to catch up.
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Probably the actual cost will require an army of accountants and lawyers at a dozen major logistics corporations arguing with each other for months to even try to compute. I doubt us regular uninvolved people will ever get a "real" number. How do you even try to calculate and reveal the cost associated with say a manufacturer in the middle of a supply chain deciding to source their parts from a different vendor for t…
Agree it's incalculable, I don't mean that in the "it's too big of a number" sort of way but in the "we can't possibly know" kind of way: 1) The scale and depth of the disruption makes it impractical to figure in any kind of accurate way and 2) The disruption will have introduced hypotheticals that nay spiral out themselves (butterfly effect style) e.g. some retailer may have lost a customer who went elsewhere, some…
And some retailers and suppliers may have gained customers
Oh hey, they fixed it, - without destroying or imposing significant additional damage to any of the cargo - without destroying or imposing significant additional damage to the ship - without taking multiple weeks - without needing to ship a trillion dollars'+ worth of equipment halfway around the world It's refreshing to see high-end engineering performed so competently.
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Well the biggest luck event in this case, is that there was a dredger pretty close to the ship. If you dont have a dredger and you need to ship one there we would have wait much more time
Knowing nothing about it, would it be safe to assume that the Suez Canal would always have a dredger around? Or is that not how that works?
From the YouTube clip, it def seems like it's normal to see them when passing through the canal.
Lots of articles quote a $XXX billion dollars per day figure, but those numbers are normally for "worth of goods delayed" which, while interesting, doesn't tell the story to me. Are there any estimates as to the actual cost of this "mishap", due to e.g. spoilage, financial/contractual repercussions of late deliveries, personnel/fuel costs?
Odd, the Sun has a great article on this floating job
https://www.thesun.co.uk/news/14484562/suez-canal-ship-reflo...
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If we count only missed revenues for Egypt, this incident cost them about US$100 million. Canal revenues were US$27.2 billion in the last 5 years ( https://www.reuters.com/article/egypt-economy-suezcanal/egyp... ) which is US$15 million in revenues per day, and the canal was closed for 7 days.
It’s probably less than that because many transits would have just been delayed, not entirely cancelled.
Lots of articles quote a $XXX billion dollars per day figure, but those numbers are normally for "worth of goods delayed" which, while interesting, doesn't tell the story to me. Are there any estimates as to the actual cost of this "mishap", due to e.g. spoilage, financial/contractual repercussions of late deliveries, personnel/fuel costs?
(On rare occasions the curve is inverted)
It won't tell you how much it costs this tanker to delay delivery by a week but it will tell you on average how much "the market" values a week's delay.
It is still a chore to go through and tally all the goods but I think a few main goods (oil, wheat, coffee etc) would account for a large chunk of it and if the carrying costs as a whole would give a sense of the order-of-magnitude of the economic loss.
The loss itself may be distributed between various risk sharing parties like insurance companies and so forth.