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Confirmed: North Korea has provided sophisticated mines
LONDON – Agents for the British intelligence agency say they have established that Kim Jong-il's regime in North Korea has supplied al-Qaida with sophisticated limpet mines they fear will be used against a "ghost fleet" of 500-plus ships and superships, according to a report from Joseph Farah's G2 Bulletin.
The agents, working in Asia to monitor the latest exchange of gunfire between North Korean and South Korean warships, have reported such an attack would have a disastrous effect on London's shipping insurance market – with the potential of being far larger than the losses in last year's market crash.
The fleet, larger than the combined navies of the U.S. and Britain, is anchored in one of the world's least accessible waterways: the remote Johor Coast at the southern tip of Malaysia.
Fifty miles east of Singapore, it also is close to Indonesia, the launching point, MI6 agents say, for the next attack by al-Qaida terrorists.
The value of the fleet is in the billions of dollars. But in their equatorial backwater they generally are guarded by only a handful of sailors, often armed with no more than a pistol or rifle to ward off any attack.
LONDON – Agents for the British intelligence agency say they have established that Kim Jong-il's regime in North Korea has supplied al-Qaida with sophisticated limpet mines they fear will be used against a "ghost fleet" of 500-plus ships and superships, according to a report from Joseph Farah's G2 Bulletin
Impact of 2008 financial crisis
On 20 May 2008 the index reached its record high level since its introduction in 1985, reaching 11,793 points. Half a year later, on 5 December 2008, the index had dropped by 94%, to 663 points, the lowest since 1986.[8], though by 4 February 2009 it had recovered a little lost ground, back to 1,316.[9]
These low rates moved dangerously close to the combined operating costs of vessels, fuel, and crews.[10][11] By the end of 2008, shipping times had been already increased by reduced speeds to save fuel consumption, but lack of credit meant the reduction of letters of credit, historically required to load cargoes for departure at ports. Debt load of future ship construction was also a problem for shipping companies, with several major bankruptcies and implications for shipyards.[12][13]
This, combined with the collapsing price of raw commodities created a perfect storm for the world's marine commerce. By October of 2009 the index had recovered to around 2,900, a level that is more historically normal.
attack would have a disastrous effect on London's shipping insurance market