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Gene Ellis

Why Do Americans Stink at Math? - NYTimes.com - 0 views

  • Why Do Americans Stink at Math?
  • The Americans might have invented the world’s best methods for teaching math to children, but it was difficult to find anyone actually using them.
  • In fact, efforts to introduce a better way of teaching math stretch back to the 1800s. The story is the same every time: a big, excited push, followed by mass confusion and then a return to conventional practices.
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  • Carefully taught, the assignments can help make math more concrete. Students don’t just memorize their times tables and addition facts but also understand how arithmetic works and how to apply it to real-life situations. But in practice, most teachers are unprepared and children are baffled, leaving parents furious.
  • On national tests, nearly two-thirds of fourth graders and eighth graders are not proficient in math. More than half of fourth graders taking the 2013 National Assessment of Educational Progress could not accurately read the temperature on a neatly drawn thermometer.
  • On the same multiple-choice test, three-quarters of fourth graders could not translate a simple word problem about a girl who sold 15 cups of lemonade on Saturday and twice as many on Sunday into the expression “15 + (2×15).” Even in Massachusetts, one of the country’s highest-performing states, math students are more than two years behind their counterparts in Shanghai.
  • A 2012 study comparing 16-to-65-year-olds in 20 countries found that Americans rank in the bottom five in numeracy.
  • On a scale of 1 to 5, 29 percent of them scored at Level 1 or below, meaning they could do basic arithmetic but not computations requiring two or more steps.
  • One study that examined medical prescriptions gone awry found that 17 percent of errors were caused by math mistakes on the part of doctors or pharmacists.
  • “I’m just not a math person,” Lampert says her education students would say with an apologetic shrug.
  • In the 1970s and the 1980s, cognitive scientists studied a population known as the unschooled, people with little or no formal education.
  • For instance, many of the workers charged with loading quarts and gallons of milk into crates had no more than a sixth-grade education. But they were able to do math, in order to assemble their loads efficiently, that was “equivalent to shifting between different base systems of numbers.”
  • Studies of children in Brazil, who helped support their families by roaming the streets selling roasted peanuts and coconuts, showed that the children routinely solved complex problems in their heads to calculate a bill or make change.
  • The cognitive-science research suggested a startling cause of Americans’ innumeracy: school.
  • The answer-getting strategies may serve them well for a class period of practice problems, but after a week, they forget. And students often can’t figure out how to apply the strategy for a particular problem to new problems.
  • In the process, she gave them an opportunity to realize, on their own, why their answers were wrong.
  • At most education schools, the professors with the research budgets and deanships have little interest in the science of teaching
  • Only when the company held customer focus groups did it become clear why. The Third Pounder presented the American public with a test in fractions. And we failed. Misunderstanding the value of one-third, customers believed they were being overcharged. Why, they asked the researchers, should they pay the same amount for a third of a pound of meat as they did for a quarter-pound of meat at McDonald’s. The “4” in “¼,” larger than the “3” in “⅓,” led them astray.
  • Some of the failure could be explained by active resistance.
  • A year after he got to Chicago, he went to a one-day conference of teachers and mathematicians and was perplexed by the fact that the gathering occurred only twice a year.
  • More distressing to Takahashi was that American teachers had almost no opportunities to watch one another teach.
  • In Japan, teachers had always depended on jugyokenkyu, which translates literally as “lesson study,” a set of practices that Japanese teachers use to hone their craft. A teacher first plans lessons, then teaches in front of an audience of students and other teachers along with at least one university observer. Then the observers talk with the teacher about what has just taken place. Each public lesson poses a hypothesis, a new idea about how to help children learn.
  • The research showed that Japanese students initiated the method for solving a problem in 40 percent of the lessons; Americans initiated 9 percent of the time.
  • Similarly, 96 percent of American students’ work fell into the category of “practice,” while Japanese students spent only 41 percent of their time practicing.
  • Finland, meanwhile, made the shift by carving out time for teachers to spend learning. There, as in Japan, teachers teach for 600 or fewer hours each school year, leaving them ample time to prepare, revise and learn. By contrast, American teachers spend nearly 1,100 hours with little feedback.
  • “Sit on a stone for three years to accomplish anything.”
  • In one experiment in which more than 200 American teachers took part in lesson study, student achievement rose, as did teachers’ math knowledge — two rare accomplishments.
  • Examining nearly 3,000 teachers in six school districts, the Bill & Melinda Gates Foundation recently found that nearly two-thirds scored less than “proficient” in the areas of “intellectual challenge” and “classroom discourse.”
Gene Ellis

Container ship - Wikipedia, the free encyclopedia - 0 views

  • Container vessels eliminate the individual hatches, holds and dividers of the traditional general cargo vessels. The hull of a typical container ship is a huge warehouse divided into cells by vertical guide rails.
  • Today, approximately 90% of non-bulk cargo worldwide is transported by container, and modern container ships can carry up to 16,020 twenty-foot equivalent units (TEU) (CMA CGM Marco Polo). As a class, container ships now rival crude oil tankers and bulk carriers as the largest commercial vessels on the ocean.
  • This system of tracking has been so exact that a two week voyage can be timed for arrival with an accuracy of under fifteen minutes. It has resulted in such revolutions as on time guaranteed delivery and just in time manufacturing.
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  • Today's largest container ships measure almost 400 metres (1,300 ft) in length.[14] They carry loads equal to the cargo-carrying capacity of sixteen to seventeen pre-WWII freighter ships.
Gene Ellis

How Putin Forged a Pipeline Deal That Derailed - NYTimes.com - 0 views

  • How Putin Forged a Pipeline Deal That Derailed
  • The pipeline, known as South Stream, was Mr. Putin’s most important European project, a tool of economic and geopolitical power critical to twin goals: keeping Europe hooked on Russian gas, and further entrenching Russian influence in fragile former Soviet satellite states as part of a broader effort to undermine European unity.
  • The bill that Parliament took up on April 4 was arcane. But it swept aside a host of European regulations — rules that Mr. Putin did not want to abide by — for a pipeline that would deliver gas throughout southern Europe. Continue reading the main story Related Coverage In Diplomatic Defeat, Putin Diverts Pipeline to TurkeyDEC. 1, 2014
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  • In France, the leader of the far-right National Front, Marine Le Pen, recently acknowledged that her party had received a loan for 9 million euros, or about $11 million, from a Kremlin-linked bank.
  • Faced with punishing sanctions, a petro-economy pushed to the brink by plunging oil prices and the wildly gyrating value of the ruble, Mr. Putin this month halted the project.
  • Geological surveys suggested that Bulgaria could be sitting atop an underground ocean of natural gas, enough to be self-sufficient for years, enough to eclipse the advantages of South Stream.
  • On April 4, 2014, soon after Mr. Putin annexed Crimea, Bulgaria’s Parliament gave initial passage to a bill that effectively exempted South Stream from a number of European Union regulations, most important, the one that would have forced Gazprom to allow non-Russian gas to flow through the pipeline.
  • “If I hear one more word about competition, I’m going to freeze your you-know-whats off,” Mr. Putin reportedly shouted.
  • The anti-fracking movement became so broad that in January 2012, Parliament banned not only the extraction of shale gas, but even exploration that would quantify the country’s reserves.
  • When the Bulgarian government refused, the European Union cut off tens of millions of euros in regional development funds.
  • In desperate need of the European funds, the prime minister announced the next day that South Stream would be halted until it had full European Union approval.
  • While “he overreached, and he underestimated the response” to his intervention in Ukraine, said Mr. Gray, the former American diplomat, the Russian leader has been “quite effective” in countries like Bulgaria.“He won a great deal by getting Nabucco stopped,” Mr. Gray said. “Ultimately, his goal is to keep as much control over the former parts of the Soviet empire as possible.”
Gene Ellis

American and 2 Japanese Physicists Share Nobel for Work on LED Lights - NYTimes.com - 0 views

  • American and 2 Japanese Physicists Share Nobel for Work on LED Lights
  • In Africa, millions of diode lamps that run on solar power have been handed out to replace polluting kerosene lamps.
  • For the same amount of energy consumption, LED bulbs produce four times the light of a fluorescent bulb and nearly 20 times the light of an incandescent bulb.
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  • ED bulbs are also more durable, lasting 10 times as long as a fluorescent bulb and 100 times as long as an incandescent bulb.
  • In 2006 he was awarded the Millennium Technology Prize of one million euros (about $1.3 million) for inventing the first efficient blue-light laser, opening the way for things like Blu-ray players.
Gene Ellis

For the third time in a century, America will have to ride to Europe's rescue - Telegraph - 0 views

  • For the third time in a century, America will have to ride to Europe's rescue
  • For the third time in a century, America will have to ride to Europe's rescue
Gene Ellis

Efforts to Revive the Economy Lead to Worries of a Bubble - NYTimes.com - 0 views

  • The Federal Reserve is well into its third round of “quantitative easing,” in which it buys longer-term assets to bring down long-term lending rates.
  • In March, a smaller percentage of working-age people were actually working than at any other time since 1979.
  • In March, a smaller percentage of working-age people were actually working than at any other time since 1979.
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  • Ben S. Bernanke and company would also like to kindle inflation expectations, spurring people to buy and companies to invest today instead of waiting until tomorrow. Supposedly, all of this will drive a self-sustaining economic recovery.
  • Alternatively, many investors look at something called the Q, devised by the economist James Tobin, which compares stock prices with corporate net worth. The nonfinancial companies are overpriced by 57 percent.
  • Investors are desperate for yield and are paying up for riskier assets.
  • There are more reliable measures of stock market value, and they look frothy. One gauge, the price of stocks based on the past decade of earnings, is named after the Yale economist Robert J. Shiller. Using that, stocks are too expensive by 65 percent.
  • Instead, the Fed has kindled speculation.
  • Last month, investors were paying more for such loans than at any time in the last five years. They are snapping up billions of dollars in securities made up of subprime auto loans.
Gene Ellis

Five lessons from the Spanish cajas debacle for a new euro-wide supervisor | vox - 0 views

  • just the three most problematic Spanish cajas (Bankia, CatalunyaCaixa and Novagalicia) have had capital deficits (to be covered partly or fully by the taxpayer) of €54 billion – over 5% of Spanish GDP, a larger amount than what Spain will have to request from the European rescue funds.
  • Already the first entity that was intervened (CCM) as far back as March 2009, showed that the real NPL levels post intervention (17.6%) were more than twice as large as the reported ones. This should have been the point for the Banco de España to get ahead of the curve by ordering an audit of the whole sector
  • There is no intimation by anyone of outright corruption in the Banco de España supervisory role, and given the professionalism of the institution it is unlikely that there was any.
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  • not surprisingly, Banco de España supervisors had little interest in discovering that Spain’s vaunted regulator had in fact missed the largest financial crisis in the history of the country
  • Unfortunately, often supervisors in charge of the failing entity in the years of the debt run up were the ones charged with uncovering the problems.
  • Spain was the leader in the introduction of a dynamic provision – a provisioning tool that forces banks to increase provisions without reference to any specific loan. The intention of this tool was twofold: to mitigate the bad times, and to cool the booms in the good times (Holmstrom and Tirole 1997). Dynamic provisions were endorsed as part of the Basel III standards in December 2010, in part on the strength of Spain’s experience. And indeed the existing evidence (Jiménez et al. 2012) shows that the tool worked as intended, dampening the credit boom and softening somewhat the credit crunch. However, it is clear by now that their level was not nearly enough, as their size – 3% of GDP at their highest point (2004) – was simply not of a magnitude commensurate with the credit losses.
  • Without the provisions, the reality of the cajas' accounts would have become much faster a concern, and would have imposed itself on the regulator
  • Had the Banco de España ordered an audit of the system after uncovering numerous irregularities in CCM, it would have not been able to deal with the capital shortfalls uncovered as there was no appropriate resolution regime in Spain at the time
  • governance played a critical role in the development of the Spanish crisis. In the Spanish case, the supervisor, confronted with powerful and well connected ex-politicians decided to look the other way in the face of obvious building trouble.
  • More systematic evidence of the role played by these governance issues is provided in a 2009 paper (Cuñat and Garicano 2009b) where we showed that cajas with chief executives who had no previous banking experience (!), no graduate education, and were politically connected did substantially worse in the run up to the crisis (granting more real estate developer loan, up to half of the entire loan book in some instances) and during the crisis (with higher NPLs).
  • Even more important was the role of these political connections in diluting the role of the supervisor after the crisis started, in what was meant to be the crisis resolution stage but which was in fact a crisis cover up stage.
  • What are the takeaways
  • I would suggest five.
  • Second, career concerns of supervisors are crucial.
  • Third, dynamic provisioning is a good idea, but the supervisor must be mindful it may delay decision making in problem cases
  • Fifth, supervision and an appropriately tough resolution regime must go hand in hand.
Gene Ellis

Italy's 'this time it's different' moment: With rejoinder by Giavazzi | vox - 0 views

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    Wyplosz - good article on self-fulfilling phrophicies
Gene Ellis

Utilities Switch Off Investment in Fossil Fuel Plants - NYTimes.com - 0 views

    • Gene Ellis
       
      Note:  a LARGE power station =s 40 direct jobs.
  • workers at the large power station known as Keadby 1 are preparing to shut it down at the end of the summer, with the loss of about 40 jobs.
  • fluctuations in global energy markets have made the natural gas power plant unprofitable
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  • It has also delayed new energy investments and is planning to close almost a quarter of its fossil fuel power plants,
  • European energy companies, struggling to respond to weak demand in a flatlining economy, say they need guaranteed pricing to keep open unprofitable plants or to invest in new ones.
  • Their revenue is being hit by dwindling demand for electricity and by new wind and solar projects that undercut the price of the energy produced from many fossil fuel plants.
  • At the same time, record-low prices on carbon emissions trading markets, which were introduced to encourage clean and efficient energy production and use, have perversely become a disincentive to investment.
  • Many of the Continent’s aging power stations, particularly those that burn highly polluting coal, are earmarked for closure by 2020 to meet stringent local environment regulations.
  • Without these investments, industrial companies in Europe may face higher energy prices when local economies eventually recover,
  • “Energy utilities are facing a perfect storm,”
  • In a bid to generate 20 percent of the European Union’s electricity from renewable sources by 2020, Germany, Spain and other E.U. countries have provided hefty subsidies to wind and solar farms, which now constitute a sizable minority of daily electricity generation, often surpassing the 20 percent target.
    • Gene Ellis
       
      In effect, a cheaper overall form of energy (non-renewables) had to compete with heavy subsidies to renewables, which, once built, had low operating costs.  They cannot compete and do not invest, and there are major problems w/investing more in renewables (they are overall more expensive, and they have built-in faults, producing electricity erratically, or during the wrong times.)  The high costs of energy also lie with government, who cemented long-term deals with the ex-USSR linking other energy prices to the price of oil.  In short, they shot themselves in the foot.  Several times.
  • European utilities like E.On of Germany have announced plans to shut down less-polluting natural gas-fired plants that have been undercut by dirtier coal-burning generators benefiting from a flood of low-cost coal imports and low carbon emissions prices.
  • Despite the upfront costs associated with green energy projects, they are inexpensive to run. In contrast, Europe’s gas and coal plants, which also provide backup power when renewables cannot operate, need constant spending on fossil fuels.
  • Policy makers are debating a system of support payments to keep uneconomic power plants open,
  • “Without long-term signals of energy prices, investment won’t happen.”
  • Some analysts also expect domestic regulators to eventually create financial incentives for companies
Gene Ellis

Are Germans really poorer than Spaniards, Italians and Greeks? | vox - 0 views

  • From this survey it appeared that the median German household had the lowest wealth of all Eurozone countries
  • The median households in countries like Belgium, Spain and Italy appear to be three to four times wealthier than the median German household. Even the median Greek household is twice as wealthy as the German one.
  • mean net wealth of households
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  • A comparison of the median and mean wealth reveals something about the distribution of wealth in each country. If the largest difference is between the mean and the median, the greater is the inequality in the distribution of wealth.
  • In Germany the mean household wealth is almost four times larger than the median.
  • In most other countries this ratio is between 1.5 and 2.
  • We find that in Germany the median household in the top 20% of the income class has 74 times more wealth than the median household in the bottom 20% of the income class. Judged by this criterion Germany has the most unequal distribution of wealth in the Eurozone.
  • Wealth per capita is more than twice as high in northern European countries than in southern countries such as Greece and Portugal.
  • The facts are that Germany is significantly richer than southern Eurozone countries like Spain, Greece and Portugal. There does seem to be a problem of the distribution of wealth in Germany: First, wealth in Germany is highly concentrated in the upper part of the household-income distribution. Second, a large part of German wealth is not held by households and therefore must be held by the corporate sector or the government.
Gene Ellis

U.S. Textile Plants Return, With Floors Largely Empty of People - NYTimes.com - 0 views

  • The problems in India were cultural, bureaucratic and practical.
  • Mr. Winthrop says American manufacturing has several advantages over outsourcing. Transportation costs are a fraction of what they are overseas. Turnaround time is quicker. Most striking, labor costs — the reason all these companies fled in the first place — aren’t that much higher than overseas because the factories that survived the outsourcing wave have largely turned to automation and are employing far fewer workers.
  • In 2012, the M.I.T. Forum for Supply Chain Innovation and the publication Supply Chain Digest conducted a joint survey of 340 of their members. The survey found that one-third of American companies with manufacturing overseas said they were considering moving some production to the United States, and about 15 percent of the respondents said they had already decided to do so.
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  • Between 2000 and 2011, on average, 17 manufacturers closed up shop every day across the country, according to research from the Information Technology and Innovation Foundation.
  • yes, it means jobs, but on nowhere near the scale there was before, because machines have replaced humans at almost every point in the production process. Take Parkdale: The mill here produces 2.5 million pounds of yarn a week with about 140 workers. In 1980, that production level would have required more than 2,000 people.
  • But he was frustrated with the quality, and the lengthy process.
  • “We just avoid so many big and small stumbles that invariably happen when you try to do things from far away,” he said. “We would never be where we are today if we were overseas. Nowhere close.”
  • Time was foremost among them. The Indian mill needed too much time — three to five months — to perfect its designs, send samples, schedule production, ship the fabric to the United States and get it through customs. Mr. Winthrop was hesitant to predict demand that far in advance.
  • There were also communication issues.
  • like moving half-finished yarn between machines on forklifts.
  • The North American Free Trade Agreement in 1994 was the first blow, erasing import duties on much of the apparel produced in Mexico.
Gene Ellis

Time to dust off old euro crisis strategies - FT.com - 0 views

  • Markets Insight August 20, 2014 11:20 am Time to dust off old euro crisis strategies
Gene Ellis

At the Time Warner Center, an Enclave of Powerful Russians - NYTimes.com - 0 views

  • At the Time Warner Center, anEnclave of Powerful Russians
Gene Ellis

Suspension Bridges - Inca - Andes - New York Times - 0 views

  • “Mexicans discovered vulcanization 3,500 years before Goodyear,” said Dorothy Hosler, an M.I.T. professor of archaeology and ancient technology. “The Spanish had never seen anything that bounced like the rubber balls of Mexico.”
  • Dr. Ochsendorf, a specialist in early architecture and engineering, said the colonial government tried many times to erect European arch bridges across the canyons, and each attempt ended in fiasco until iron and steel were applied to bridge building.
  • The Inca suspension bridges achieved clear spans of at least 150 feet, probably much greater. This was a longer span than any European masonry bridges at the time. The longest Roman bridge in Spain had a maximum span between supports of 95 feet. And none of these European bridges had to stretch across deep canyons.
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  • Similar bridges existed in other mountainous regions of the world, most notably in the Himalayas and in ancient China, where iron chain suspension bridges existed in the third century B.C.”
  • The last existing Inca suspension bridge, at Huinchiri, near Cuzco, is virtually rebuilt each year. People from the villages on either side hold a three-day festival and gather stiff grasses for producing more than 50,000 feet of cord. Finally, the cord is braided into 150-foot replacement cables.
Gene Ellis

Even Greece Exports Rise in Europe's 11% Jobless Recovery - Bloomberg - 0 views

  • “The current- account deficits of countries that have been under stress diminished over the last years considerably.”
  • Just two of 14 euro-zone government leaders have kept their posts in elections since late 2009 and extremists such as Golden Dawn in Greece are gaining support.
  • “The internal rebalancing in the euro area is progressing,” said Fels. “Some of them, especially Spain but also Portugal not to speak of Ireland, are regaining competitiveness.”
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    • Gene Ellis
       
      This is the same sort of response which companies would have made to a depreciation in the local currency without the euro, but with the added problem of deflationary effects on the rest of the economy.
  • Ford Motor Co. (F) (F) said at the end of last year it will increase capacity near Valencia as it shuts plants in the U.K. and Belgium.
  • While a slide in imports accounts for some of the correction, Greece boosted its exports outside the EU by about 30 percent in the fourth quarter of 2012 from the previous year, while Italy’s rose 13 percent in January from a year ago, he said.
  • In Ireland, U.S. companies such as EBay Inc (EBAY) (EBAY)., Google Inc. (GOOG) (GOOG) and Facebook Inc (FB). all have expanded in the past two years, taking advantage of a corporate-tax rate of just 12.5 percent compared to Spain’s 30 percent.
    • Gene Ellis
       
      'Beggar thy neighbor' kinds of effects.
  • The metamorphosis is known as internal devaluation
  • Prevented by membership of the euro from driving down currencies, governments and companies are squeezing labor costs to spur productivity.
  • reducing social- security payments
  • aising the retirement age, making it easier to fire workers in downturns and preventing unions from clinging to boom-time wage deals.
  • On average, the periphery is about halfway to eliminating large structural current-account deficits, which allow for declines related to recession-driven weaker import demand, estimates Goldman Sachs (GS).
  • The OECD today published an index showing that relative labor costs in Spain and Portugal have now dropped below Germany’s for the first time since 2005.
  • “It’s potentially good for the economy but only if it results in faster investment,”
  • “If not then there’s a downward spiral risk.”
    • Gene Ellis
       
      An important point.
  • The smaller trade imbalances really reflect a collapse in demand for imports as consumers and companies hunker down,
  • It’s the mirror image of the euro’s first decade, when historically low interest rates in the periphery fueled inflationary spending booms, reflected in credit bubbles and deteriorating current accounts and government budgets.
  • “At this stage it is still demand destruction which has helped current-account deficit countries balance their accounts,” said Mayer. “It’s not a healthy situation.”
  • They also say countries will need to run even healthier current accounts than now if they are to stabilize the debts they owe abroad.
  •  
    Good update article, as of March, 2013.
Gene Ellis

Canada Aims to Woo International Students - NYTimes.com - 0 views

  • International students are allowed to seek part-time employment off campus after six months of full-time study, as a way to help them defray costs. They can also obtain foreign work credentials: After earning a four-year undergraduate degree, they can apply to work in Canada for up to three years.
  • Other nations are not as generous: In the United States, international students are eligible to work only on campus, and many struggle to stay in the country after graduation. Tough visa rules have led to a foreign student “brain drain,”
  • In Britain, international students can work no more than 10 hours a week and need an endorsement from their school to work after graduation.
  •  
    "choose"
Gene Ellis

After Bangladesh, Seeking New Sources - NYTimes.com - 0 views

  • Dozens of impoverished countries make T-shirts and other very basic clothing. But only a few countries — really just China, Bangladesh, Vietnam, Indonesia and to some extent Cambodia and Pakistan — have developed highly complex systems for producing and shipping tens of thousands or even hundreds of thousands of identical, high-quality shirts, blouses or trousers to a global retailer within several weeks of receiving an order.
  • The clothing needs to be labeled correctly so that it travels smoothly through a large retailer’s distribution centers
  • The process requires formidable numbers of skilled workers who can oversee quality control as well as labeling and shipping of garments.
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  • Big retailers and fashion companies have repeatedly tried and failed to develop alternatives, experimenting in India, Africa and Latin America, only to run into infrastructure bottlenecks and shortages of skilled managers or workers.
  • India was not organized for large-scale, timely production,
  • Africa did not have enough workers with the right skills for high-volume labeling and shipping,
  • and Latin America did not have enough workers interested in operating sewing machines.
  • In Guatemala, the quality was excellent, he said, but, “They can’t handle big orders and they’re slow on delivery.”
  • What may save Bangladesh from a sharp, immediate drop in export orders is simply that most Southeast Asian factories are already fully booked with orders from multinationals fleeing China’s ever-rising costs.
  • “For this year, it’s impossible — we’re already full,”
  • Indonesia’s national training center for seamstresses — women make up 98 percent of the students — is here in Semarang, producing 12,000 graduates a year. But even that isn’t enough. Four factories with a combined employment of 30,000 are to open in the next year in Semarang, and many more factories are being built nearby.
  • “It’s going to take time, but it’s going to eventually filter out all over the place,” he said. “It’ll take two or three years.”
  • Newly opened factories have started competing for scarce seamstresses by offering free meals and free health insurance
  • Dozens of impoverished countries make T-shirts and other very basic clothing. But only a few countries — really just China, Bangladesh, Vietnam, Indonesia and to some extent Cambodia and Pakistan — have developed highly complex systems for producing and shipping tens of thousands or even hundreds of thousands of identical, high-quality shirts, blouses or trousers to a global retailer within several weeks of receiving an order.
  • He said that he and a couple of other suppliers of elite retail chains always worried about Bangladesh’s reliance on high-rise factories,
Gene Ellis

Oil tanker - Wikipedia, the free encyclopedia - 0 views

  • Oil tankers are often classified by their size as well as their occupation. The size classes range from inland or coastal tankers of a few thousand metric tons of deadweight (DWT) to the mammoth ultra large crude carriers (ULCCs) of 550,000 DWT.
  • The expense was significant: for example, in the early years of the Russian oil industry, barrels accounted for half the cost of petroleum production.[10]
  • While a typical T2 tanker of the World War II era was 532 feet (162 m) long and had a capacity of 16,500 DWT, the ultra-large crude carriers (ULCC) built in the 1970s were over 1,300 feet (400 m) long and had a capacity of 500,000 DWT.[29]
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  • "Supertankers" are the largest tankers, including very large crude carriers (VLCC) and ULCCs with capacities over 250,000 DWT. These ships can transport 2,000,000 barrels (320,000 m3) of oil/318 000 metric tons.[46] By way of comparison, the United Kingdom consumed about 1.6 million barrels (250,000 m3) of oil per day in 2009.[47] ULCCs, commissioned in the 1970s, were the largest vessels ever built, but the longest ones have already been scrapped; only a few ULCCs remain in service, none of which are more than 400m long.[48] Because of their great size, supertankers often can not enter port fully loaded.[28] These ships can take on their cargo at off-shore platforms and single-point moorings.[28] On the other end of the journey, they often pump their cargo off to smaller tankers at designated lightering points off-coast.[28] A supertanker's routes are generally long, requiring it to stay at sea for extended periods, up to and beyond seventy days at a time.[28]
  • As demand grew moderately in the United States and Western Europe, expanding economies such as China fueled exponential growth in demand.[60]
  • The average one-year time charter rate for a 5-year-old tanker of 280,000 metric tons of deadweight varied from $56,500 per day in December 2005 to $53,000 per day in September 2007 with a high of $64,500 per day in September 2006.[59]
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