The plummeting price of oil on international markets has had many effects – one of which is that it may be cheaper for ships to travel right around Africa than go through the Suez Canal.
By Chris Baraniuk 4 March 2016
The Suez Canal was one of the most significant engineering projects of the 19th Century. It was a gargantuan task that took nearly 20 years to build and an estimated 1.5 million workers took part – with many thousands dying in the process. But when it finally opened in 1869, ships could travel from the Red Sea – between Africa and Asia – to the Mediterranean, cutting weeks off a journey. It was a revolution for trade.
Ever since, passage through the canal has been considered more or less vital to global business. Shipping firms pay what amounts to several billion dollars every year to the Suez Canal Authority, an Egyptian state-owned entity, for the privilege of travelling via the canal.
To take an example, it cuts a modern journey from Singapore to Rotterdam in the Netherlan…
The U.S. Coast Guard’s assistant commandant for prevention policy, Rear Admiral Paul Thomas, recently spoke on a panel at the 16th Annual TPM Conference in Long Beach, California.
The panel discussed the amendments to SOLAS Regulations that address the gross mass of containers.
The conference was widely attended by leading representatives throughout the U.S. supply chain.
Thomas’s comments were discussed in the media in a way that may have lacked clarity, and he has used the Coast Guard’s Maritime Commons to provide clarity to his position.
From the desk of Rear Admiral Paul Thomas
Yesterday, I was honored to participate on a panel with many distinguished professionals. The topic was the upcoming SOLAS amendments regarding container weight requirements. The event provided a terrific opportunity to continue the ongoing dialogue about the important issue. In the course of the discussion, it became clear that many impacted …
Yes, China’s economy has grown at an extraordinary rate, and it has more than four times as many people as the United States.
But the 1900s were America’s great period of expansion, the century in which the U.S. built almost all of its roads and bridges, the Interstate system, the Hoover Dam, and many of the world’s tallest skyscrapers. And China and the U.S. are roughly the same size in terms of geographic area, ranking third and fourth in the world, respectively.
The statistic seems incredible, but according to government and industry sources, it appears accurate. What’s more, once you dive into the figures, they have a surprisingly logical explanation that reveals some fascinating differences between the two countries, and s…