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originally posted by: the2ofusr1
a reply to: Montana
If what Pepe Escobar writes is even close to accurate then the biggest economy in the world has its sights on the biggest market in the world .And it will all be linked by rail .US may be able to rule the seas but if its a land route then there is no way of a blockade . Think of a 3 day train ride to Europe by rail compared to a 2 to 3 week boat ride .
""Putin and Xi met for the 15th time just after Xi concluded a three-nation Eurasia tour – Serbia, Poland and Uzbekistan – where, alongside Foreign Minister Wang Yi, he explicitly laid down the bridge between the New Silk Roads, or One Belt, One Road (OBOR), as they are officially referred to in China, and the development of the Shanghai Cooperation Organization (SCO).
Not by accident China has now also struck a “comprehensive strategic partnership” with Serbia, Poland and Uzbekistan – on the way to weaving a broad “China-Europe strategic partnership” in parallel to the development of the SCO.
This already translates into projects such as the Hungary-Serbia railway; the Pupin Bridge on the Danube River in Belgrade; the expansion and upgrading of a power plant in Kostolac; what Beijing calls the China-Europe freight train service (from eastern China to Duisburg in Germany and also Madrid); the Kamchiq Tunnel in Uzbekistan; and last but not least the massive China-Central Asia natural gas pipeline system.
No wonder Xi keeps stressing the “inter-connectivity” theme over and over gain, as economic corridors are being built at breakneck speed, and the China Railway Express all the way to Europe – although not yet on high-speed rail – is already a go. www.globalresearch.ca...
It helps when you have $4 trillion in foreign currency reserves and massive surpluses of steel and cement. That’s the sort of thing that allows you to go “nation-building” on a pan-Eurasian scale. Hence, Xi’s idea of creating the kind of infrastructure that could, in the end, connect China to Central Asia, the Middle East, and Western Europe. It’s what the Chinese call “One Belt, One Road”; that is, the junction of the Silk Road Economic Belt and the Twenty-First Century Maritime Silk Road.
And don’t forget about the bonuses that could conceivably follow such developments. After all, in China’s stunningly ambitious plans at least, its Eurasian project will end up covering no less than 65 countries on three continents, potentially affecting 4.4 billion people.
The Silk Road revival started out as a modest idea floated in China’sMinistry of Commerce. The initial goal was nothing more than getting extra “contracts for Chinese construction companies overseas.” How far the country has traveled since then. Starting from zero in 2003, China has ended up building no less than 16,000 kilometers of high-speed rail tracks in these years -- more than the rest of the planet combined.
And that’s just the beginning. Beijing is now negotiating with 30 countries to build another 5,000 kilometers of high-speed rail at a total investment of $157 billion."" www.tomdispatch.com...
Essentially, the global supply of ships has been growing much faster than the amount of goods that need to be shipped. According to a Moody’s analysis published in June, global container-ship capacity grew by 8.6 percent in 2015, a year when global trade grew by only 2.6 percent.
As for the shipping industry’s woes, the obvious solution would be to just scrap a large amount of capacity, giving more business to the dystopian ship-breaking yards on the coast of Bangladesh. Scrapping is increasing, but companies are still reluctant to do this, since iron ore prices are also low due to China’s slump. It’s cheaper to let the ships float rather than melt them down, so at the moment many companies are simply having them do nothing. A record 352 500+-TEU ships are currently sitting idle around the world. An estimated 25 percent of the world’s container capacity sit empty.
originally posted by: Zaphod58
a reply to: vonclod
Too much capacity, not enough product. Rates dropped and they had too many expenses.
The Hanjin Greece, one of roughly a dozen of the company’s ships destined for the U.S. West Coast, docked in Long Beach on Saturday after a U.S. bankruptcy court granted it protection and terminal operators agreed to take it.
Workers started unloading the Greece over the weekend, and on Monday trucks began moving the containers for distribution to retailers who are waiting for goods ahead of the busy holiday shopping season, said Teamsters spokeswoman Barbara Maynard.
The unloading of the Hanjin Greece marked a step forward in clearing the bottleneck of clothing, furniture and other cargo meant for store shelves. But the ship carries only a fraction of the billions in goods on dozens of ships owned or leased by the world’s seventh-largest container carrier.
originally posted by: Caver78
a reply to: Zaphod58
Far as I know this is unprecedented, did a little more reading and it seems there is a glut of shipping companies & underutilized shipping capacity?
The chairman of Hanjin Group transferred 40 billion won ($36 million) to Hanjin Shipping (117930.KS) on Tuesday to help unload cargo stranded on the troubled shipper's vessels, a spokesman said, but regulators warned securing further funds could take "considerable time".
The parent of Hanjin Shipping pledged last week to raise 100 billion won to help rescue cargo in the wake of the collapse of the world's seventh-biggest container shipper, including the 40 billion won from Chairman Cho Yang-ho.
About $9 million pledged by Choi Eun-young, a former chairwoman of Hanjin Shipping, has also come in, the shipper said.
inRead invented by Teads
Around $14 billion of cargo has been tied up globally as ports, tugboat operators and cargo handling firms worried about not being paid refused to work for Hanjin, which filed for receivership in a Seoul court early this month.