Hey -- if you haven't already subscribed to the Morning Brew -- just do it! It provides me with a smile at least once every morning. AND, the other big benefit is that I understand a lot of stuff that goes on in the world that I would otherwise have NO INTEREST in...
And the writing is EXCELLENT...
Here's a portion of Thursday's edition:
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On Tuesday, a gargantuan cargo ship named the Ever Given ran aground in the busy Suez Canal, blocking maritime traffic from entering or exiting the crucial shipping highway. If you're wondering how a ship that weighs 220,000 tons and is the size of the Empire State Building ended up sideways, canal officials say high winds from a sandstorm restricted visibility around the time the ship got stuck.
It couldn't be in a worse spot
The Suez Canal, which connects the Red Sea and the Mediterranean through Egypt, is the carotid artery of the global shipping system. Around 10% of worldwide shipping traffic flows through its narrow waters, including roughly 5% of globally traded crude oil. In 2019, nearly 19,000 ships transporting 1.2 billion tons of cargo passed through the canal, generating $5.6 billion in revenue for Egypt last year. Only the Panama Canal has a similar amount of traffic.
- The Ever Given's ill-timed perpendicular park job is acting like a Wendy's Baconator to global trade's circulatory system, creating massive traffic snarls on either side.
As of last
night, over 100 ships were stuck at each end of the 120-mile canal,
putting even more pressure on the global shipping industry that was
already out of whack from the pandemic.
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See what I mean? It's just soooo good!!
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