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H/t reader squodgy:
“Worldwide shipping is in dire straits.
We have seen the BDI (the index of future shipping capacity bookings) trundling along at the lowest level for over three years now.
and Nautilus (http://www.marinelink.com/news/bankruptcy-container371718)
have filed for bankruptcy as global trade grinds to a halt.
A.P. Moller, the biggest Container Ship Company in the world with all those blue MAERSK LINE ships we see everywhere, have been investing in 18000TEU giant ships of late.
One would really think they more than anyone would see the slump coming.
But quite obviously they are lacking in responsible management. But no.
So it shouldn’t come as a shock to read this….
“Worse than the one following the Global Financial Crisis.”
New orders received by Chinese shipyards – now infamous for undercutting competitors and sinking into bankruptcy – have plunged 58.5% so far this year through October, compared to last year, according to shipping industry data provider BIMCO, cited by the Nikkei. At South Korean shipyards, which include the three largest in the world, orders have plunged 84.2%; at Japanese shipyards, 90%.
They all focused on large dry-bulk vessels, tankers, and containerships. But this year, orders for tankers globally plunged 80% and for container ships 84%.
H/t reader squodgy:
“Now in view of the BDI, Caterpillar, Truck orders and so on, this was inevitable, and about two years overdue.
I still don’t understand why these geniuses didn’t see the writing on the wall when it was obvious five years ago that economic growth was unsustainable.
Global overcapacity, plunging demand, and a price war
In the first quarter, South Korean shipbuilders saw their orders collapse by 94.1% to 170,000 compensated gross tons (CGT), compared to the prior year. In terms of dollars, orders collapsed 94% from $6.5 billion in Q1 2015 in to just $390 million.
Global orders for new vessels in Q1 have collapsed too, but slightly less, according to the Export-Import Bank of Korea, cited by IHS Fairplay: down 71% year-over-year to 2.32 CGT.
North Korea has been searching for one of its submarines that has been missing for days off its east coast as tensions mount in the region, where U.S. and South Korean troops staged a big amphibious landing exercise today,
The submarine may be adrift under the sea or have sunk, perhaps after a technical problem during an exercise, CNN quoted U.S. officials with intelligence of secret U.S. monitoring of the North’s activities as saying.
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Punjab authorities have closed down schools from Jan 26 to 31 because of biting cold, a private TV channel reported.
Life is almost paralysed by the biting cold in nine upazilas of the district. The poor are burning hay and fallen leaves to keep them warm.
Nine deaths believed to stem from hypothermia reported in Bueng Kan, Nakhon Phanom, Tak, Rayong and Udon Thani provinces.
Along with severe cold
In addition, the accompanying low temperatures have caused disasters for farmers across the nation.
Buffaloes have recently died due to the extremely cold weather.
Guangzhou residents were excited Sunday to observe snow falling in their subtropical city for the first time in 88 years.
Schools light bonfires, army readies help
People and livestock in upland areas of northeastern Laos are struggling with the freezing cold.
Okinawa’s main island in southwestern Japan gets its first measurable snowfall in history.
In the south, sleet fell on Amami Oshima Island for the first time since 1901. Residents there usually enjoy temperatures of around 17 degrees Celsius this time of year.
On Tuesday, North Korea announced it had “successfully” tested a hydrogen bomb.
According to Kim Jong-Un, the test was necessary because America is “a gang of cruel robbers” hell bent on waging nuclear war. “This is a self-defensive step for reliably defending the peace on the Korean Peninsula and regional security from the danger of nuclear war caused by the U.S.-led imperialists,” Kim said.