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Gene Ellis

Suez Isn't the Real Crisis for Oil Prices - WSJ.com - 0 views

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    "BY LIAM DENNING Oil bulls are misreading the wisdom of crowds. Near-month U.S. crude-oil futures jumped above $100 a barrel Wednesday, ostensibly because of mass protests in Egypt. But it is worth remembering that Egypt is a net oil importer, not exporter. As for the Suez Canal, net traffic of oil and refined products-that is, the difference between northbound and southbound transit-amounted to roughly 101,000 barrels a day in the first quarter, according to the Suez Canal Authority. That is all of 0.1% of global demand. Egypt's Suez-Mediterranean"
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    "BY LIAM DENNING Oil bulls are misreading the wisdom of crowds. Near-month U.S. crude-oil futures jumped above $100 a barrel Wednesday, ostensibly because of mass protests in Egypt. But it is worth remembering that Egypt is a net oil importer, not exporter. As for the Suez Canal, net traffic of oil and refined products-that is, the difference between northbound and southbound transit-amounted to roughly 101,000 barrels a day in the first quarter, according to the Suez Canal Authority. That is all of 0.1% of global demand. Egypt's Suez-Mediterranean"
Gene Ellis

Suezmax - Wikipedia, the free encyclopedia - 0 views

shared by Gene Ellis on 10 Apr 13 - No Cached
  • The current channel depth of the canal allows for a maximum of 20.1 m (66 ft) of draft,[1] meaning a few fully laden supertankers are too deep to fit through, and either have to unload part of their cargo to other ships ("transhipment") or to a pipeline terminal before passing through, or alternatively avoid the Suez canal and travel around Cape Agulhas instead. The canal was deepened in 2009 from 18 to 20 m (60 to 66 ft).
  • The term "Chinamax" refers to vessels able to use a number of harbours while fully laden. "Capesize" refers to bulk carriers too big to pass through the Suez Canal - and needing to go around the Cape of Good Hope - but recent dredging means many Capesize vessels can use the Canal.
Gene Ellis

As Panama Canal Expands, West Coast Ports Scramble to Keep Big Cargo Vessels - NYTimes.com - 0 views

  • Making Everything Shipshape
  • The ports in Tacoma, Seattle, Oakland, Los Angeles, Long Beach and elsewhere offer much shorter sailing times than Gulf Coast and East Coast ports. But for shippers of some goods, the web of logistics, including trucks and railroads, ends up being less expensive if they go through the Panama Canal.
  • While the widened Panama Canal will allow an all-water route for big ships to the East Coast, the project — originally scheduled to open this year — has been plagued with construction delays. And the authorities have yet to announce toll charges for passing ships. In the end, it might be too expensive for some ships to use.
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  • At the same time, sailing patterns may shift as Asian manufacturing continues to move from China to countries to the south, like Singapore and Vietnam, which are actually closer by sea to East Coast ports through the Suez Canal than to West Coast ports across the Pacific.
  • For trade with China, Prince Rupert’s appeal is proximity. Prince Rupert is two to three days closer than the western coast of the United States, helping ships cut fuel costs.
  • While the railways and truck lines in Canada have a history of labor instability, cargo carriers sailing into the country can avoid taxes levied by the United States government.
Gene Ellis

U.S. Ports Seek to Lure Big Ships After Panama Canal Expands - NYTimes.com - 0 views

  • But, he said, containers loaded on the West Coast, which has built up its container yards and highway and rail infrastructure, can outrun those that travel to the East Coast by water, and that can make the difference when speed and dependability are more important than cost alone
  • Besides, he added, costs and fees can shift; Panama can be expected to raise rates for canal passage, and “the railroads are not going to sit idly by” and let the water route undercut their business.
  • After Hurricane Katrina, Gov. Haley Barbour of Mississippi trumpeted plans for a “port of the future” at Gulfport with a 50-foot-deep channel, redirecting some $600 million in federal housing disaster funds on a project he pledged would spur the economy and create bountiful jobs.
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  • To Robert Puentes, a transportation expert at the Brookings Institution, the problem of whether the ports are overbuilding for a Panama payoff is one of planning. “We are the only industrialized country on the planet that doesn’t have a comprehensive freight policy,” he said.
Gene Ellis

U.S. Ports Seek to Lure Big Ships After Panama Canal Expands - NYTimes.com - 0 views

  • The big ships — known as “Post-Panamax” and even “Super-Post-Panamax” — are already in heavy use worldwide, making up 16 percent of the container fleet but accounting for 45 percent of its capacity, according to a July report by the Army Corps of Engineers.
  • The Port of Virginia, in Norfolk, is ready to receive the big ships today. And New York is also prepared, thanks to a massive dredging project that began 13 years ago.
  • But nearly every port in the game still faces major challenges and expenses —
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  • Baltimore, which already has a 50-foot channel, has a bottleneck on the land side: the Howard Street tunnel, through which trains have to pass to reach the port, and which is too small to accommodate the double-stacked container cars that are increasingly the standard for rail shipping. The rail line CSX has announced a workaround that could cost hundreds of millions, involving a new yard beyond the tunnel filled with containers brought by truck; the port will load the trains with a single container to get through the tunnel, and the trains can be completed at the yard.
  • The big ships will also come via places beyond Panama: many are expected to come from Southeast Asia through the Suez Canal, and from South America’s eastern ports.
Gene Ellis

Nicaragua approves route for $40 billion canal linking oceans | World | Reuters - 0 views

  • Nicaragua approves route for $40 billion canal linking oceans
Gene Ellis

Squash Seeds Show Andean Cultivation Is 10,000 Years Old, Twice as Old as Thought - New York Times - 0 views

  • Seeds of domesticated squash found by scientists on the western slopes of the Andes in northern Peru are almost 10,000 years old, about twice the age of previously discovered cultivated crops in the region, new, more precise dating techniques have revealed.
  • The excavations also yielded peanut hulls and cotton fibers — about 8,500 and 6,000 years old, respectively
  • Their research also turned up traces of other domesticated plants, including a grain, manioc and unidentified fruits, and stone hoes, furrowed garden plots and small-scale irrigation canals from approximately the same period of time.
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  • The article also noted that 10,000-year-old cultivated squash seeds had recently been reported in Mexico, along with evidence of domesticated corn there by 9,000 years ago. Scholars now think that plants were domesticated independently in at least 10 “centers of origin,” including, in addition to the Middle East, Mexico and Peru, places in Africa, southern India, China and New Guinea.
  • In the Fertile Crescent of the Middle East, an arc from modern-day Israel through Syria and Turkey to Iraq, wheat and barley were domesticated by 10,000 years ago, and possibly rye by 13,000 years ago. Experts in ancient agriculture suspect that the transition from foraging to cultivation had started much earlier and was not as abrupt a transformation as indicated in the archaeological record.
  • The distribution of building structures, canals and furrowed fields, Dr. Dillehay said, indicated that the Andean culture was moving beyond cultivation limited to individual households toward an organized agricultural society.
Gene Ellis

Arctic Shipping Soars, Led by Russia and Lured by Energy - 0 views

  • Although the Arctic provides a shorter route around the world than the traditional course through warmer waters, it is not necessarily cheaper.
  • The ships were expensive to build and operate,
  • The first commercial Chinese vessel and first container ship to transit the NSR, the Yong Sheng, commissioned by state-owned Cosco shipping, arrived in Rotterdam on September 10 laden with steel and industrial machinery. Its 33-day journey from the Chinese port of Dailan was nine days and 2,800 nautical miles shorter than the conventional voyage through the Suez Canal
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  • The Arctic Council's 2009 report estimated that the NSR offers from a 35 percent to 60 percent savings in distance for ships traveling between Europe and the Far East. Ships also can circumvent regional conflicts and the risk of piracy near the coast of Africa or in the Straits of Malacca off Malaysia.
  • Hiring charges for mandatory escort by Rosatomflot's icebreakers vary, but the average cost is about $200,000,
  • the cost of escort through the NSR is roughly equivalent to that of passage through the Suez Canal.
  • Because "container" shipping of goods, (as opposed to bulk shipping of raw commodities like ores and fuel), relies heavily on on-time delivery, Carmel thinks it unlikely the NSR ever will become a major pathway for this kind of global commerce.
  • primary focus on the 22 percent of the world's remaining undiscovered oil and natural gas resources to be found in the far north.
  • Just last month, Novatek signed a deal to supply China National Petroleum Corporation for 15 years with fuel sent from Yamal by tanker
Gene Ellis

The Two Innovation Economies by William Janeway - Project Syndicate - 0 views

  • The strategic technologies that have repeatedly transformed the market economy – from railroads to the Internet – required the construction of networks whose value in use could not be known when they were first deployed.
  • Consequently, innovation at the frontier depends on funding sources that are decoupled from concern for economic value;
  • Financial speculation has been, and remains, one required source of funding. Financial bubbles emerge wherever liquid asset markets exist. Indeed, the objects of such speculation astound the imagination: tulip bulbs, gold and silver mines, real estate, the debt of new nations, corporate securities.
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  • Complementing the role of speculation, activist states have played several roles in encouraging innovation.
  • Occasionally, the object of speculation has been one of those fundamental technologies – canals, railroads, electrification, radio, automobiles, microelectronics, computing, the Internet – for which financial speculators have mobilized capital on a scale far beyond what “rational” investors would provide. From the wreckage that has inevitably followed, a succession of new economies has emerged.
  • In the United States, the government constructed transformational networks (the interstate highway system), massively subsidized their construction (the transcontinental railroads), or played the foundational role in their design and early development (the Internet).
  • For countries following an innovative leader, the path is clear. Mercantilist policies of protection and subsidy have been effective instruments of an economically active state.
  • List noted how Britain’s emergence as “the first industrial nation” at the end of the eighteenth century depended on prior state policies to promote British industry. “Had the English left everything to itself,” he wrote, “the Belgians would be still manufacturing cloth for the English, [and] England would still have been the sheepyard for the [Hanseatic League].”
  • To begin, the “national champions” of the catch-up phase must be rendered accessible to competitive assault. More generally, the state’s role must shift from executing well-defined programs to supporting trial-and-error experimentation and tolerating entrepreneurial failure. And the debilitating “corruption tax” that seems inevitably to accompany economic revolutions must be curbed, as it was in Britain during the nineteenth century and America during the twentieth.
Gene Ellis

Panama Expands Canal to Increase Shipping Capacity - NYTimes.com - 0 views

  • Panama Adding a Wider Shortcut for Shipping
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