It’s not just oil…
#1
It’s not just oil…
Inflation is about to soar…
The war in Ukraine has severely hobbled shipping in the Black Sea, with broad consequences for international transport and global supply chains. Dozens of cargo ships are stranded at the Ukrainian port of Mykolaiv, shipping trackers said. An estimated 3,500 sailors have been stuck on some 200 ships at Ukrainian ports, according to London-based shipping tracker Windward Ltd. More ships are stranded around the globe than at any point since World War II, maritime historians said.
The result is a shutdown of the world’s second-largest grain exporting region. Ukraine accounts for 16% of global corn exports, and together with Russia, 30% of wheat exports. Global wheat prices have jumped more than 55% since the week before the invasion.
“This shock to global grain supply is the biggest supply shock since the OPEC oil cuts in the 1970s,” said Salvatore Mercogliano, a professor at Campbell University in North Carolina and former merchant mariner. “It will mean food shortages in the Middle East and Africa, and inflation across the world.”
Making matters worse for global shippers, thousands of Ukrainian and Russian seafarers are stuck in ports around the world, leaving shipowners scrambling to find replacement crews to keep strained supply chains rolling.
The result is a shutdown of the world’s second-largest grain exporting region. Ukraine accounts for 16% of global corn exports, and together with Russia, 30% of wheat exports. Global wheat prices have jumped more than 55% since the week before the invasion.
“This shock to global grain supply is the biggest supply shock since the OPEC oil cuts in the 1970s,” said Salvatore Mercogliano, a professor at Campbell University in North Carolina and former merchant mariner. “It will mean food shortages in the Middle East and Africa, and inflation across the world.”
Making matters worse for global shippers, thousands of Ukrainian and Russian seafarers are stuck in ports around the world, leaving shipowners scrambling to find replacement crews to keep strained supply chains rolling.
#4
#9
Gets Weekends Off
Joined APC: Nov 2012
Position: A330 FO
Posts: 273
Everyone was upset when Jimmy Carter tweeted "put on a sweater" in the 70's. We seem to be doing pretty good since voting him out.
#10
Gets Weekends Off
Joined APC: Mar 2006
Position: guppy CA
Posts: 5,160
Yes, because (wait for his spin), inflation hurts legacy customers more than ULCCs. ????
I guess we're done worrying about Covid and need to move on to the next 'crisis' that we have zero control over. Just make sure to obsess on the latest 'crisis' during all of your waking hours.
Should inflation fade into the background, we can always shift our focus to the great fallback - catastrophic anthropogenic global warmuning.
There's always something that we have no control over to worry about...
I guess we're done worrying about Covid and need to move on to the next 'crisis' that we have zero control over. Just make sure to obsess on the latest 'crisis' during all of your waking hours.
Should inflation fade into the background, we can always shift our focus to the great fallback - catastrophic anthropogenic global warmuning.
There's always something that we have no control over to worry about...
Thread
Thread Starter
Forum
Replies
Last Post