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  1. #101
    Thailand Expat lom's Avatar
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    Quote Originally Posted by Klondyke View Post
    3 out of 4 containers from the U.S. to Asia are “going back empty.”
    I would have thought that it was the opposite.
    Maybe they mean that 3 out of 4 containers going from US to Asia are empty
    That is more in line with what I've read previously about China paying shipping for getting empty containers back

  2. #102
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    Quote Originally Posted by lom View Post
    I would have thought that it was the opposite.
    Maybe they mean that 3 out of 4 containers going from US to Asia are empty
    That is more in line with what I've read previously about China paying shipping for getting empty containers back

    Trade surplus furthers container imbalance

    There are a few factors stemming from the pandemic driving this phenomenon.

    First, China is sending out a lot more exports to the U.S. and Europe than the other way round. Its economy bounced back faster as the virus situation within its borders was basically under control by the second quarter of last year. As a result, containers are stuck in the West when they are really needed in Asia.
    Shipping container shortage is causing shipping costs to rise

  3. #103
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    (who needs China, anyway?)

    Container-shipping costs have surged in recent months

    Rising consumer demand and constrained supply of containers is causing disruption on the seas

    Suez Canal blocked after massive container ship runs aground-shipping-cost-jpg


    CONTAINERS ARE the building blocks of global trade. And at the moment, shippers cannot get enough of them. Surging demand for goods and a shortage of empty containers at Asian ports have sent container-shipping costs rocketing. Since November the cost of shipping a 40-foot container from Asia to Europe has risen more than three-fold, from around $2,200 to over $7,900. The price of shipping goods from North America to Asia has doubled. The Freightos Baltic Index, a measure of container-freight rates in 12 important maritime lanes, has increased from $2,200 to $4,000 per container (see chart).

    A year ago the container-shipping industry was struggling to stay afloat. After governments around the world imposed lockdowns to curb the spread of the coronavirus, global trade plunged, forcing firms to idle vessels and cancel sailings. When demand picked up again in the second half of the year, and factories returned to full production, thousands of containers were stranded in European and American ports, rather than in Asian ones where they were needed. As Western consumers cancelled their holidays, and used the savings to buy smartphones, laptops and other goods, exporters were left scrambling for containers, leading to a spike in container-shipping rates.

    Daily chart - Container-shipping costs have surged in recent months | Graphic detail | The Economist

  4. #104
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    Suez Canal blocked after massive container ship runs aground-merlin_185718129_102a246d-b67b-46b5-89d1-dc7f3fbd7394-jumbo

    The mammoth cargo ship blocking one of the world’s most vital maritime arteries was wrenched from the shoreline and finally set free on Monday, raising hopes that traffic could soon resume in the Suez Canal and limit the economic fallout of the disruption.

    Salvage teams, working on land and water for six days and nights, were ultimately assisted by forces more powerful than any machine rushed to the scene: the moon and the tides.

    The ship was ultimately set free at around 3 p.m., according to shipping officials. Horns blared in celebration as images emerged on social media of the once stuck ship on the move.
    Uudelleenohjausilmoitus

  5. #105
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    This big sweet bastard is now in the Great Bitter Lake. You go, you big beauty!

    Suez Canal blocked after massive container ship runs aground-ever-given-bitter-lake-png
    Attached Thumbnails Attached Thumbnails Suez Canal blocked after massive container ship runs aground-ever-given-bitter-lake-png  

  6. #106
    Thailand Expat harrybarracuda's Avatar
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    So I wonder who has lost money and how they expect to get it back?

  7. #107
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    happynz's Avatar
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    The excavation company should be handsomely rewarded. Ship owners and agents will take the L and move on.

  8. #108
    Thailand Expat OhOh's Avatar
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    Quote Originally Posted by happynz View Post
    The excavation company should be handsomely rewarded.
    Hear, hear.

    The individual excavator drivers, support engineers, caterers and tent cleaners were thanked for their glorious efforts by The LORD during his short visit last week.

    Suez Canal blocked after massive container ship runs aground-66370d1616996653-suez-canal-blocked-after-massive

  9. #109
    Thailand Expat harrybarracuda's Avatar
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    No side effects from that PҒЇZЭЯ-ЪЇФЙҬЭҪҢ vaccine then.

  10. #110
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    The Ever Given is still in the Great Bitter Lake. I assume she is getting a good look in her engine room and bulbous bow.

    Oo-er

    Suez Canal blocked after massive container ship runs aground-screenshot_20210331-073203_chrome-2-jpg

  11. #111
    Thailand Expat Saint Willy's Avatar
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    Quote Originally Posted by happynz View Post
    The Ever Given is still in the Great Bitter Lake. I assume she is getting a good look in her engine room and bulbous bow.

    Oo-er

    Suez Canal blocked after massive container ship runs aground-screenshot_20210331-073203_chrome-2-jpg
    Or somebody has said you fuckers aint going anywhere until we clear the canal (and perhaps figure out some compensation)

  12. #112
    Thailand Expat OhOh's Avatar
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    Quote Originally Posted by TheRealKW View Post
    Or somebody has said you fuckers
    But the Japanese owned ship is a most favoured vassal and the ships' lessee is a company in a most favoured province of China.

    In addition, the cargo may be desperately required to satisfy the western consumers' trinket fix.

    Fire up the printers:

    Last edited by OhOh; 31-03-2021 at 12:38 PM.
    A tray full of GOLD is not worth a moment in time.

  13. #113
    Thailand Expat OhOh's Avatar
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    Egypt's Suez Canal says to seek over 1-bln-USD compensation for losses caused by stuck ship

    Xinhua | Updated: 2021-04-02 09:00

    "CAIRO -- Egypt's Suez Canal Authority (SCA) will seek over 1 billion U.S. dollars in compensation for the losses caused by the container ship Ever Given that was stuck in the waterway and blocking navigation for six days, SCA chairman Osama Rabie has said.

    The compensation for the losses and damages "will reach over 1 billion dollars," Rabie told a local TV channel on Wednesday. "This is the right of the state and we will not give it up."

    The 224,000-ton Panama-flagged ship was grounded in the vital Suez waterway on March 23 and was refloated six days later through the efforts of the SCA in cooperation with the Dutch firm Boskalis and its emergency response team SMIT Salvage hired by Ever Given's owner.

    The SCA chairman explained that the compensation demanded by the authority is not only for the financial losses caused by six-day navigation suspension, but includes the expenses of using dredgers and tugboats and the physical damage caused during the salvage process.

    Egypt resumed navigation in the canal several hours after the stranded container ship was rescued early Monday, after which many of the 422 ships that have been kept waiting started to cross the waterway.

    By Saturday at most, all 422 delayed ships will have crossed the Suez Canal, according to Rabie.

    Linking the Mediterranean Sea with the Red Sea, the Suez Canal is a major lifeline for global seaborne trade since it allows ships to travel between Europe and South Asia without navigating around Africa, thereby reducing the sea voyage distance between Europe and India by about 7,000 km.

    Some 12 percent of the world trade volume passes through the man-made canal."


    Egypt's Suez Canal says to seek over 1-bln-USD compensation for losses caused by stuck ship - World - Chinadaily.com.cn


    Options.

    1. Presuming the ship was under control of the pilot - who presumably is working for the Egypt's Suez Canal Authority (SCA). The pilot/SCA Insurers.

    2. The ship always remains under control of the ships master, who is "advised" by the pilot. The ships masters Insurers.

    3. The Egyptian deity Seth, "the Egyptian god of war, chaos and storms".

    Suez Canal blocked after massive container ship runs aground-fd5e5e72fb352d66979044676f9b8d53321e8fc2_00-jpg
    Last edited by OhOh; 02-04-2021 at 09:49 PM.

  14. #114
    Thailand Expat
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    Good luck with that, Egypt.

  15. #115
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by happynz View Post
    Good luck with that, Egypt.

    Well that depends...

    If the issue of compensation involved litigation, then the Ever Given and its some $3.5 billion worth of cargo would not be allowed to leave Egypt, he told the show’s host.

  16. #116
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    Quote Originally Posted by happynz View Post
    I assume she is getting a good look in her engine room and bulbous bow.
    I hate it when people are looking at my bulbous bow

  17. #117
    Excommunicated baldrick's Avatar
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    [QUOTE=OhOh;4237896]Attachment 66370
    [QUOTE]

    bread and circus

    wallow

  18. #118
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    Quote Originally Posted by harrybarracuda View Post
    Well that depends...

    Not really. All the owners of the vessel have to do is call a General Average...then everybody with freight on board have to pay.

  19. #119
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    Quote Originally Posted by happynz View Post
    Good luck with that, Egypt.
    With "Bank effect" and the wind, they should not have left a vessel that size go thru the canal. Plus they had pilots on board.

  20. #120
    Thailand Expat OhOh's Avatar
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    There are no current or retired shipping insurance experts amongst us, it seems?

  21. #121
    Thailand Expat harrybarracuda's Avatar
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    Quote Originally Posted by Little Chuchok View Post
    Not really. All the owners of the vessel have to do is call a General Average...then everybody with freight on board have to pay.
    So a whip round then.

  22. #122
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    Quote Originally Posted by harrybarracuda View Post
    So a whip round then.
    Bang on. It means that every person with cargo on board, must pay. All marine insurance policies cover this. Sometimes claims can be many times more than the value of the cargo.

  23. #123
    Thailand Expat OhOh's Avatar
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    Quote Originally Posted by Little Chuchok View Post
    call a General Average.
    Quote Originally Posted by OhOh View Post
    There are no current or retired shipping insurance experts amongst us, it seems?
    My apologies to LC.

    A search delivers this:

    Shipowner Declares General Average for Ever Given

    The Loadstar Total Views: 60096

    April 1, 2021

    By Gavin van Marle (The Loadstar) –

    "As the investigation into the grounding of the Ever Given in the Suez Canal begins, the vessel’s Japanese owner, Shoe Kisen, this morning declared General Average.

    And a customer circular from Evergreen, seen by The Loadstar, confirms that Shoe Kisen this morning appointed Richard Hogg Lindley as adjustor.

    For the vessel, now at anchor at the Bitter Lakes area undergoing technical inspections, a possible date of departure to ports of discharge has yet to be set.
    And while there is no reported damage to the cargo, and that to the vessel appeared to be minimal, the cost of the salvage operation, which ultimately required 11 tugs and two dredgers, as well as possible compensation claims from a variety of interests such as the Suez Canal Authority or shipping companies caught up in the backlog, could amount to a sizeable bill.

    In addition, it remains unclear whether there will be a separate salvage claim from the vessel’s salvors.

    General Average is a principle of maritime law that requires that the shipowner and its customers share a proportionate amount of the costs associated with saving a vessel after a major casualty. When General Average is declared, cargo owners are required to contribute to a GA fund before cargo can be released.

    While the backlog of vessels waiting to transit Suez is now expected to be cleared over the next couple of days, shippers and freight forwarders with cargo on the Ever Given could be in for a long wait for it to be released.

    The problem for cargo interests, according to insurance sources, is that the cost of the casualty to its owners is likely to take some time to determine, if it involves claims from other parties, which means the adjustors will remain unable to fix the level of the general average and salvage securities.

    General Average was declared following the 2018 fire on board the Maersk Honam. After declaring GA, the adjustor fixed the salvage security at 42.5% of cargo value and 11.5% as a GA deposit – this meant a shipper with a cargo worth $100,000 needed to pay a combined deposit of $54,000 to get its cargo released.

    This leaves shippers with uninsured cargo highly vulnerable to losing it, as the owner can hold the goods under lien until the deposit is paid. Shippers with insured goods will have those deposits covered by their insurers.

    According to panellists on a recent webinar on container casualties, held by the London Shipping Law Centre, GA is only declared in incidents which have incurred an extraordinary loss – the general rule of thumb being a loss of over £10m on a ship of 15,000 teu or bigger."


    https://gcaptain.com/shipowner-decla...or-ever-given/
    Last edited by OhOh; 05-04-2021 at 11:13 AM.

  24. #124
    Thailand Expat harrybarracuda's Avatar
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    Egypt seizes Ever Given with 25-member Indian crew, demands $900 million compensation

    The Suez Canal Authority said the amount was calculated on the basis of ‘losses incurred by the grounded vessel’ along with ‘flotation and maintenance costs’.

    Suez Canal: Egypt seizes Ever Given with 25-member Indian crew, demands $900 million compensation



  25. #125
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    The Ever Given is now headed back into the Suez Canal.

    Go well, you big beauty. Keep your nose clean.

    Suez Canal blocked after massive container ship runs aground-screenshot_20210820-060403_chrome-jpg

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