Why are Billions of Dollars Worth of Ships Being Intentionally Destroyed? | Economics Explained

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This is the Carnival Imagination, a luxury cruise liner worth hundreds of millions of dollars, which just 10 short months ago was touring passengers in extreme comfort to exotic destinations all over the world.
This ship is sailing dead ahead to its final port of call, where it has been sold for scrap alongside dozens of other ships that have become the latest victims of the global pandemic.
The Chittagong ship breaking yard in Bangladesh is the largest of its kind in the world, and in the past few months even its abundant shores have become inundated with pleasure cruises and industrial cargo ships alike that all could have otherwise sailed the oceans for many more decades.
These are all very troubling signs for the unsung heroes of our modern global economy, the merchant marine fleet. Every year trillions of dollars worth of cargo is transported on ships like these and losing this fleet could turn into a huge barrier to global trade.
But what is really going on here?
Why would profit-motivated companies destroy billions of dollars worth of productive assets? Sure times are tough, tourism and trade have declined massively but this hardly looks like a reasonable response right?
I don’t burn down my house if a video gets less than 10,000 likes, so why would companies in such a competitive industry do something equally as self-destructive?
Well as always it has to do with economics (go figure) and to understand this bizarre behavior we need to understand a few key areas.
What are the economics behind the merchant marine fleet?
How do these factors make it financially viable to destroy ships?
what does this mean for the future of international trade?
And what does this all have to do with Chinese bridge building?
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12 июн 2024

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Комментарии : 4,9 тыс.

@billandpech 3 года назад

SUMMARY: Ships are not making much money during the pandemic while the price of iron skyrocketed due to China's infrastructure building during the pandemic. You're welcome!

@kailie1770 3 года назад

@christianlee7244 3 года назад

thanks bro, you saved me 13 minutes.

@navegantezen5983 3 года назад

Thank you!! It was so much blah blah blah.

@redneck4200000 3 года назад

Nailed it!

@Quickonomics 3 года назад

Imagine being one of those poor guys who have to drive their ship to the scrapyard and make their way back home on foot...

@EconomicsExplained 3 года назад

hahah I legittimately wondered what happens to these guys. Those breaking yards are less than ideal places to be walking through. If someone knows how the crew gets off these ships afterwards please let us know.

@sownheard 3 года назад

@dongster529 3 года назад

@@EconomicsExplained Obviously they swim back. What a foolish question. :)

@saasda6255 3 года назад

@@EconomicsExplained probably get flew back by the company

@emperorpalpatine4995 3 года назад

@@saasda6255 by the owner’s private jet

@jqad3984 3 года назад

"China is building so much infrastructure that the price of iron has rose over 300%" flashback from Victoria II

@jonikasemi 3 года назад

God forbid China westernises. In-game economy be going kaboom.

@johannmuller3711 3 года назад

China is buying all iron scrap in the word to prepare for worldwar nr 3

@deshraj669 3 года назад

@@johannmuller3711 nope, China is smart they know they cannot come even close to Us in military power so they are using economy and technology to defeat them and it's working good for them. China's main goal is to secure only South China Sea that's why they are increasing there naval power. They'll use 'one belt one road initiative' to assert dominance. That's why they are investing trillions on this project.

@supremebohnenstange4102 3 года назад

@@deshraj669 Africa is under heavy Chinese influence already aswell

@urcheese9074 3 года назад

That is why you always bully china into explosion

@ZeusTheIrritable 3 года назад

The next innovation in cargo shipping: Sails.

@kullen1041 3 года назад

I was legit thinking of this halfway through th video😂😂😂❤️, would be great if we figured out how to propel the behemoths across water without fuel.

@ZeusTheIrritable 3 года назад

@@kullen1041 It makes some sense. If people could come up with efficient sail setups using only old-timey technology, I image we could come up with something using modern materials and technology that could at least increase the fuel efficiency of current engines using sails.

@kullen1041 3 года назад

@@ZeusTheIrritable for sure

@skinz1877 3 года назад

@@ZeusTheIrritable this is currently in the process. Not yet at ships of this size and magnitude tho.

@africkinamerican 3 года назад

It's called wind power

@EconomicsExplained 3 года назад

A timely reminder that everything you change in the economy changes atleast two other things.

@ssik9460 3 года назад

Unless it’s communism, then you can just “pacify” the other problems

@ivebeenfound1575 3 года назад

Why does it say 20h ago when it just got uploaded a few minutes ago

@fdr8343 3 года назад

Get rid of the 22nd amendment. I will stop the destruction of such ships! The ocean is beautiful, but our economy might as well be at sea level

@atirix9459 3 года назад

Sounds like a cucked version of Newton's 3rd.

@pimme043 3 года назад

You make very good videos

@kevtron1991 3 года назад

I'm not even a sailor and watching these ships get scrapped still hurts.

@mr.2minutes161 3 года назад

more painful for me watching people who scap it in bangladesh

@MrWest949 3 года назад

I saw my first real cargo ship cross that final bar, it hurts. I even performed the shutdown of a ship older than that, sister ship to the Al Faro

@mal2ksc 3 года назад

It reminds me a bit of how aircraft part manufacturers had to buy titanium golf club heads just to get enough of it, back in the 1990s.

@kyle18934 3 года назад

@@mal2ksc golf club heads are made out of titanium?

@cedricvillani8502 3 года назад

Your all too soft and squishy think about how many Chinese lives are saved, and the ocean life being killed by the cutting down on Crude These thing pump.....................

@ezragoldberg3132 3 года назад

Wow, in the subtitles it actually said "twice as long and twice as Thicc" Amazing attention to detail!

@tomorrow6 2 года назад

And now - can’t find enough ships for the cargo - which of course does make the remaining companies more profitable

@anajalo5981 2 года назад

Exactly what I was thinking rewatching this

@hyperscore6810 3 года назад

This must of been the first EE Video that didn’t mention Norway

@EconomicsExplained 3 года назад

ahh I will have to do better next time

@vodkabullet4066 3 года назад

@@EconomicsExplained I live in norway

3 года назад

Don't worry, when an EE video does not mention Norway, there's always a comment that does. Thank you for your service by the way.

@robbiehorninlow1520 3 года назад

Well I’m not watching it now, thanks for the warning

@benjaminanderson2028 3 года назад

@@robbiehorninlow1520 😱

@matthewkelleyhotmail 3 года назад

I was the Chief Fire Patrol on the Imagination for years. When I discovered this video and saw my old ship going to the breaker yard I almost cried. I have a lot of memories from my time there.

@kristir1262 3 года назад

I'm sorry. That must be hard. What're some of your favorite memories of your time on it? (if you're okay sharing, ofc)

@matthewkelleyhotmail 3 года назад

@@kristir1262 I started working for Carnival in 1995 and when I left Carnival's MS Tropicale and was sent to the Imagination it seemed so cutting edge to a 20 something year-old that the technology seemed at that time like an opportunity similar to what it must be like to work on the shuttle or something. In 1997 that ship was an amazing opportunity for someone from a small rural volunteer fire department like me. Carnival had figured out what they had done wrong with the MS Tropicale and the Celebration and when they re-designed the Imagination they did things right. It had state of the art CO2 total flooding systems in the engine room and control room, all the fire equipment was top of the line U.S. standard not European like previous ships, and it had an impressive fire detection system. The new infrared system was not like the old system where you had to run to investigate 25 alarms per day from about 4,800 smoke and heat detectors. The panel was on the bridge and the person watching the panel could sit in a leather chair 10 stories above the ocean with amazing views. The company paid over half a billion dollars for the ship and it was still an amazing luxury liner the day it was scrapped. Just working on it was a matter of privilege. After 9 years working onboard for Carnival I wanted to go back and sail on it again someday as a guest. Going back would be like going back to an old house where you used to live. I have fond memories and it is so hard to believe that the company would scrap such a nice functioning ship. The ship was doing cruises this year and was supposedly still in really good condition after dry dock and re-fitment only 4 years ago.

@Nphen 3 года назад

@@matthewkelleyhotmail Imagine if the American government and Congress had any sense and was willing to pay to preserve these amazing ships for the next year or two until a vaccine is delivered. Instead, we are scrapping perfectly good ships just to set the global economy up for a massive shortage in a few years. When I saw the high quality of the cruise ships being sent to the scrapyard, I almost cried myself. Millions of Americans would be willing to pitch in money to form a co-op to run these ships so more people can go on cruises. It's just totally insane how many marvels and wonders of mankind have been allowed to be destroyed in the past century. From historic schools and train stations in Detroit to New York to LA, just to name a small portion.

@alessandrorona6205 3 года назад

@@Nphen those ships could be used as temporary housing for poor people or as sleeping quarters for people that could not find a rent for a decent amount of money in areas where rents are too high.

@axilleas 3 года назад

@@Nphen I get where you are coming from and on an emotional level I agree with you. The problem is that the industry is going to take much more than a year or two to recover. The aviation industry expects at least a 5 year span before they get to 2019 levels of demand and they have business travelers as well, the cruise industry is just pleasure so it might be closer to a 10 year period till they recover. It's a sad situation whichever way you look at it, really.

@sayftysayfty4228 2 года назад

In Germany, retailers are warning that there are not enough goods and to start buying Christmas presents early. I think that has something to do with your video topic. I am impressed that you have virtually predicted this.

@Bartonovich52 3 года назад

The other important part about the economy of using ships is their operation also benefits from globalization. They have flags of convenience, pay minimal taxes, have cheap labour, and can be scrapped where there are few labour or environmental regulations.

@promstar 3 года назад

As a former seafarer there is a tail risk from this pandemic that I think few consider. During the Covid-19 pandemic almost no countries were willing to take in disembarking crewmembers and thus many ships hade problems carrying out crew changes. I’ve heard stories of crewmembers ready to go home when the lockdown started. They stayed onboard for months. Some missed their weddings, births of their children, family members dead and buried without them being able to be there. Many will never return to the sea, some will have PTSD from this period. A global lack of seafarer can really halt the global economy. They are truly unsung heroes.

@thelastaustralian7583 3 года назад

AI Seafaring Automation.

@hudsondunn8385 3 года назад

@@thelastaustralian7583 People I know now have PTSD and it sucks TheLast Australian: Let me suggest the option were you are jobless.

@benlarson9775 3 года назад

@@thelastaustralian7583 Automation can only go so far. Sure it might replace or heavily augment the deck side, but the engine room will still need skilled engineers to maintain it. An AI can't fix a jammed valve that is cutting off your coolant water to your main engines. And if the ship blacks out, the AI goes with it.

@yay-cat 3 года назад

Seafarers include chefs, photographers, cleaners, entertainers, engineers, mechanics, salespeople, beauty therapists...... AI can maybe steer But yeah I’ve got a few friends who’ve had to make some major career detours

@scwirpeo 3 года назад

@@benlarson9775 The thing here is tho, the technician won't be the one choosing if the ship needs him or not. It's a guy in a suit on the NYSE who can't pick that boat out of a lineup let alone tell you how one works. AI can replace nearly everything and the part's it can't will become the only area where companies can "cut overhead". AI will take more jobs than just the ones it can actually replace.

@jakebrod7 3 года назад

“Out of fear of sounding like a Wendover Productions video” 😂😂

@mahdihasan8293 3 года назад

Lol loved that one.

@pancakeperson7401 3 года назад

Literally almost forgot this was an economics explained video XD

@ryangarcia6475 3 года назад

Wendover do be better doe

@Geoffr524 3 года назад

Caught this one also.

@miketv3845 3 года назад

Best reference

@NickSiekierski 3 года назад

It'd be great to see a breakdown of the types of goods that have dropped in demand and those that have spiked over the past year. Obviously more people than ever are shopping online and tons of things are still being shipped from China and elsewhere, but I assume the demand for heavy industrial goods, vehicles, raw materials, etc. has dropped and hasn't nearly been offset but the increase in online consumer sales.

@christianknuchel 3 года назад

I love how we've gotten to the point where the sensible basics of sound economic policy, such as government investment in infrastructure in times of crisis, are "big brain" moves now.

@jakemocci3953 3 года назад

I can’t even remember the last time an American politician mentioned infrastructure.

@bonawang4995 3 года назад

@@jakemocci3953 Actually, I remember Trump talking about infrastructure quite often when he was running for presidency. Not that he's done a lot to actually improve it tho.

@dreamlessjejune3880 3 года назад

I liked the presentation, I want him to take this further and explain the risks of infrastructure, housing, tariffs, etc. however investing in infrastructure itself is a risk or else China, Japan, Europe would do it in earnest... you see China is paying premium now for something they could have done on the cheap 5-10 years ago, with a huge reduction in global demand and investment the consequences of maintenance and lack of economic growth can make this move a disaster in the next 2-10 years if they miss the mark, the same could be said of housing, tax adjustments, farm subsidies, even wars, etc. etc. So he perhaps overly summed it up as big brain, and chuckled at Australias housing plans, (or the USAs cash in pocket plan,) but we will see.

@alexanderfretheim5720 3 года назад

China has a big advantage in this stuff though, which is that they have a relatively cooperative form of government that doesn't include an adversarial planning process. In the US, the regulators are always trying to kill you. They also have much more rational decison-makers than America does, and would understand subtle nuances like the advantages of freeways over high-speed rail when connecting Cleveland with Columbus (in their case, Qinzhou with Chongzuo, as those two cities in far Southeast China you've never heard of are about the same size and would have a similar economic relationship) or what a cost-benefit analysis is.

@johns6704 2 года назад

democrats have funny ideas about what the word "infrastructure" means...

@gaz3097 3 года назад

Han solo: chewy, where's the millennium falcon? Chewbacca: GGGRRRRRRRRRRRR (in Turkey being scrapped)

@nickmattio3397 3 года назад

“But Chewy She Did The Kessel Run In 12 Parsecs!!!”

@magamike1800 3 года назад

@@408Magenta time to scrap star wars. woke trash.

@tarstarkusz 3 года назад

The name of this channel should be "economics confused and wrong" He has obviously never heard of the concept of malinvestment and the term "market distortion" The fact that China is malinvesting so much resources that it has distorted the steel market to the point that ships are worth more in scrap value than to keep them, even with a downturn is not "good policy" or "big brained"

@theotherside931 3 года назад

*Bangladesh actually.*

@gaz3097 3 года назад

@@theotherside931 ain't no Bangladesh in my story.

@Sluggishbeef6 3 года назад

Let’s not forget for the last decade they made WAY too many ships. Scrap ships to raise the low prices!

@kathieharine5982 3 года назад

And the stupidity of making far too many ships was exacerbated by the Federal Reserve Board when it kept interest rates near zero thereby tempting the greedy to open their orderbooks for more ships.

@neilkurzman4907 3 года назад

@@kathieharine5982 And why would you think the monetary policy of the United States we drive shipbuilding by other countries? The United States doesn’t have a large merchant marine.

@kathieharine5982 3 года назад

@@neilkurzman4907 Where do you think the zero interest money ends up? It has nothing to do with the small size of US flagged ships. Just examine where ships are financed. Follow the money.

@neilkurzman4907 3 года назад

@@kathieharine5982 So you believe the United States finances the entire shipping fleet of every country in the world? I am certainly not going to say that low US interest rates doesn’t create some perverse incentives. You did not describe how you know that this is one of them. Follow the money? Certainly why don’t you lead me.

@mitchellcorona8 3 года назад

China made too many ships, they dumped them on the market to gain market share and close western shipyards.

@davidprietogomez7254 3 года назад

This Chanel has the best economic discussions Iever heard in my life. All topics are developed so elocuently and taking into account the most important factors. Something that seems easy to do, but that very few acomplish. I really liked it

@bradford2279 3 года назад

I cannot imagine the level of damage humanity will sustain from a few hundred wealthy families who have immeasurable greed. It is truly terrifying.

@alabar9795 3 года назад

U won't need to imagine it... your going to see it. And FYI it's not being done out of greed. We are being culled my friend. Lock down was designed to wipe out independent business so corporations can boom in wealth so they can then weather the storm of the great reset. Then after body count will really start to boom. All planned decades ago

@sjoroverpirat 3 года назад

@@alabar9795 sure thing mate, but you got any sources for that claim?

@gauravroxs7566 3 года назад

Most humans are greedy , if you had the money and the power you would probably do the same thing too.

@Gaga682 3 года назад

Sad of all this we people let that happen under our noses that extremely greedy families destroy humanity and earth itself.

@Me-zo8yc 3 года назад

Record profits for the big corporations while millions of small businesses go bust IS evidence.

@bug5654 3 года назад

"10 short months ago..." Imma stop you right there...these are 2020 months.

@leandersearle5094 3 года назад

How many years has it been 2020 now?

@bug5654 3 года назад

@@leandersearle5094 I know not, I merely survived the age of September knowing winter was coming.

@TheBelrick 3 года назад

Imagine thinking that the pandemic's unfolding disaster wasnt caused by the Politicians.

@jwadaow 3 года назад

@@TheBelrick No can do.

@TheBelrick 3 года назад

@@jwadaow you de man. Keep repeating the truth for the Enemies who have hidden themselves among our politicians, will try and lie that the economic disaster isnt caused by their lockdowns.

@aurandon 3 года назад

04:19 Trolling Wendover Production lol

@EconomicsExplained 3 года назад

Haha no troll, just don't want to encroch on my man sams territory, he has transport, RLL has corolla's, I have Norway

@215rsudhir9 3 года назад

@@EconomicsExplained xD bruh 😂

@sriyadityasrivatsa5346 3 года назад

@@EconomicsExplained XD

@sarasij1477 3 года назад

@@EconomicsExplained Gib me Norway too

@icekick1173 3 года назад

Dividing up the world i see, i well and truly expect nothing less than in 30 years you guys being on the board of shadowy figures running the planet

@peterpayne2219 3 года назад

I am blown away by how smart I feel after watching this. Subscribed.

@rajiburrahman8176 3 года назад

I am from Chittagong. Ship breaking is a huge business in Bangladesh.

@alainduncan3756 3 года назад

9:00 You lost me at "Responsible governments will..."

@alitlweird 3 года назад

Lost you? Why’s that? There’s like two or three responsible governments. (maybe)

@alainduncan3756 3 года назад

@@alitlweird Because there is no such thing. The entire purpose of government is to benefit the politically connected at the expense of everyone else. There is no rational incentive for them to act "responsibly".

@paulfarese9072 3 года назад

@@alainduncan3756 You are 100% right

@SamuraiUjio 3 года назад

Was he being sarcastic when he said the incentives for the Australian government to continue funding the housing market won't end badly?

@theovanbooma8508 3 года назад

@@SamuraiUjio absolutely

@jg5875 3 года назад

Correction that there is a “New Panamax” class that takes advantage of the new, larger locks at the canal. Goes up to 366m

@christopherwaugh690 3 года назад

I didn't hear new panamax mentioned in the video. It basically makes old panamax obscelete. Did I just miss it?

@jg5875 3 года назад

@@christopherwaugh690 Video did not mention "New Panamax"....hence my comment :)

@mxn1948 3 года назад

@D R no. there was some random suggestion by a chinese billionaire to build a canal through nicaragua which was in no way supported by the chinese state, but all western media is like "china wants to build a canal through nicaragua"

@qaarloshilaal2778 3 года назад

Watching this a few days after the Suez Canal cargo problem is a trip :p

@oldvlognewtricks 2 года назад

Watching this as failing global supply chains are causing inflation to skyrocket even moreso…

@user-yr7m2 2 года назад

"Earlier this year oil price went into negatives" That hurts my soul. We have gas prices way over 8$ per gallon.

@JustMe-nf1mf 2 года назад

What hurts my soul is that it is 100% unecessary for us to still be an oil based economy :o( Greed, selfishness, & ignorance will be the end of us :o(

@Muljinn 2 года назад

Your ignorance is simply staggering.

@thefarter6462 2 года назад

@@JustMe-nf1mf your ignorance is absolute

@notjustforme8857 2 года назад

should be $200 per gallon. limited resources should be the most expensive things and continue to get more expensive. but it's the same all around the world, comfort creatures not willing to accept responsibility are ruining the world for generations to come.

@JM-5150 3 года назад

I've been a merchant mariner for 27 years. Sailed every where I wanted to go. Industry isn't dead yet. Depends on where you work and the type of vessels. Oil field is slow and towing isn't much better. Survey is still going pretty well. Pay has been drastically reduced but I'm comfortable making 80k for 6 months of work. Being a licensed Chief engineer for the last 20 years has been fun, but unless you are ready to be gone and miss just about every holiday do your research. It's not for everyone.

@pc2753 3 года назад

Wish I'd done that career. 😒

@boatybear1013 3 года назад

Holidays? 80k for 6 months.... 6 months of holiday surely?

@razzrack 3 года назад

wait untill the United Nations agenda 20 - 30 catches up to you ...research

@ktoectbkto 3 года назад

80K as a Chief Engineer is kind of low. At least twice as much.

@pc2753 3 года назад

Actually now glad I didn't do that career if everyone in it is that coin obsessed

@cyclonicleo 3 года назад

Kinda not surprised to see this. In a way, its overdue, just due to the costs of running these fleets. The timing is opportune; scrap the old , inefficient ships for cash, cut down on labor costs, plan and build more efficient ships. This puts money into the hands of shipbuilders, stimulating local economies, the fleet operators can be more profitable in future as well as seeing efficiency gains, plus China gets its iron fix. Or something like that....

@raoulraoul7129 3 года назад

You sir are totally right.

@paulsz6194 3 года назад

cyclonicleo kind of like when we everyday people upgrade our 20 year old cars that have done over 250K KLM, it becomes too expensive to maintain, when you can get a new or newer car for the same amount of money that it costs to Maintain the old one.. Even if you buy a 5 year old car with 80-100K km, the original owner can afford to go to a car dealer and purchase a new one again.

@Mr30friends 3 года назад

"simulating local economies" = simulating china, japan and korea

@ianmcmahon8589 3 года назад

@@timwaagh It takes years to design and build a new series of ships. They are betting that the market will be going again by then.

@brianellsworth4767 3 года назад

I agree with your comment and never needed to watch the video

@SEven-pk4rk 3 года назад

Great show. First time seeing you. Found your work inspiring and informative. Thank you 🙏

@justinmiller1118 2 года назад

🇺🇦

@compresswealthdivideeconom3757 2 года назад

Before finding out, I say besides taking out a few key parts is that when you have layers of steel welded together, it becomes way too costly to tear it apart as opposed to mining iron ore and making new steel.

@wewilldiehere 2 года назад

Not with paid like a slave labour!

@SpeakHearSeeNoEvil 3 года назад

10:55 because shipping companies will receive more money for the steel from scrapping their ships and not continue to pay millions in crew costs, insurance, maintenance etc Saved you 11mins. You're welcome.

@CanadianArchaeologist 3 года назад

China needs steel, probably to build up their military.

@laxcatthesleepycat2688 3 года назад

@@CanadianArchaeologist or their own merchant fleet

@fredericp64 3 года назад

Can we please vote this comment up to the top!

@ukaszw6623 3 года назад

Ships are built to make profit not to make costs.

@Death_Saved 3 года назад

Here's a question, is china scrapping its own ships as well, or are they aiming to control the shipping market by blinding their competitors with short term profits?

@ar.suhaimihashim8080 3 года назад

Very very good question! And the answer is probably YES!!!! They are building ports all over the world!

@sudilos1172 3 года назад

Let’s play Bingo. Bingo, you win! Also they are building a massive Navy

@jarryl7520 3 года назад

That’s a smart move ngl

@ShearF3ar 3 года назад

probably takes a month to make a ship. if the shipping market came back with that much demand it wouldnt be hard to get back in.

@atiger4716 3 года назад

Clever question

@marklivingstone3710 3 года назад

Hopefully a lot of the ships being scrapped are the rusty old single hull ships registered in dodgy ports that cause so much damage.

@mrspeigle1 3 года назад

Yep hopefully we will have a newer better Fleet as a result

@the_retag 2 года назад

Old crappy ships are likely the most economic to scrap

@guillaumegervais8290 3 года назад

Really interesting video. Keep up the content. Great channel!

@Pasteurpipette 3 года назад

Switzerland is actually a quite bad example of a landlocked nation in this scenario. Basel is directly connected to the major port of Rotterdam by the Rhine river, and the Swiss merchant marine is the largest of any landlocked country.

@sunnyjim1355 3 года назад

These massive boats that are more efficient at shipping, are not going to go down the Rhine. So, the cargo from them will have to be transfered to smaller ships... that's another overhead that's a disadvantage.

@Pasteurpipette 3 года назад

@@sunnyjim1355 Oh absolutely, I agree. But the Rhine river happens to be a extremely busy waterway, connecting Basel, Cologne, Dusseldorf, the Ruhr and Arnhem to the sea. In fact, interfacing between river and sea is the basis for most of the world's busiest seaports (eg Alexandria, Antwerp, Rotterdam, Hamburg, Shanghai, South Louisiana, Tokyo).

@blogengeezer4507 3 года назад

@@Pasteurpipette -Columbia River system USA case in point. Idaho french fries... to China ;

@MashZ 3 года назад

Yup. Chittagong, Bangladesh. You can thank us for taking up so much of our beach to recycle the whole world's ships instead of building expensive beach resorts

@GodsMistake 3 года назад

And look who has the jobs now and which industries have failed. Tourism has no future; recycling and sustainability, however...

@liamandrade5167 2 года назад

And the everyone clapped

@ManpreetSingh-qv6lq 3 года назад

Very nicely explained,loved it Thanks

@beachbum4691 3 года назад

Always impressed by people who are naughtier than me. (and better informed) Brilliant - thank you so much for posting :) now I have the beginnings of an understanding :)

@financial.affairs 3 года назад

It's more profitable to destroy then to maintain

@EconomicsExplained 3 года назад

yep pretty much, sad stuff none the less

@relife6764 3 года назад

@@EconomicsExplained well considering alot of older ships runs on heavy fuel oil (or diesel, depending on route), and have inefficient engines, i have to say that from the perspective of ONLY clean air, not including the pollution from ship breaking, scraping old ships are a good idea.

@lcmiracle 3 года назад

@@relife6764 Sad thing is though, after the pandemic passed (and we are beginning to see it at least in the developed countries), demand for crusie ships will eventually raise again, and manufacturing of new cruise ships will spike, producing a sudden surge of carbon emissions from power generations and transportation of resources. Edit: not just cruise ships, ocean liners and such, just, all kinds of ships.

@Invizive 3 года назад

It's a bit more complicated, of course. It's safer to scrap now then build new in case the demand comes back than take a risk maintaining currently useless ships that would keep losing value even without work. Look at a bright side: shipyards now have a chance to get more money from shipping companies in the future - some spike in demand for their services will probably occur. Not to mention the current demand for scrappers who get a lot of work right now.

@bftjoe 3 года назад

@@lcmiracle Pollution for construction is tiny compared to operation. Same wrong already debunked logic is often applied to electric cars.

@Ishmaelstene 3 года назад

"What's going on here" 😂😂. The best of Australian accent

@EconomicsExplained 3 года назад

** WoTs gOin oN EErE

@sargesacker2599 3 года назад

BEKFAST!

@JoeGreeneFilmsOslo 3 года назад

@@EconomicsExplained Will we see EE merch bearing the "Wot's goin' on 'ere" slogan?

@TheBelrick 3 года назад

Communism. Don't be fooled, stimulus packages are simply Communism. The Federal Reserve is rapidly seizing the means of production via monetary inflation into the share market. The next depression will be far greater than the first.

@huonwilson1268 3 года назад

"Australia used its fiscal spending to keep on propping up a housing market that definitely wont end badly" HAHAHAHAHAAHAHAHAA

@jameseddy6835 3 года назад

I knew about global economy but never to the extent that you presented it. Good work.

@FinnUnv 3 года назад

Last time I was this early, was the last video, again. Great video, gonna go sell my dad's car for scrap metal now.

@EconomicsExplained 3 года назад

haha I feelk like the patreon gang might have a bit of an unfair advantage here.

@FinnUnv 3 года назад

@@EconomicsExplained just maybe :) but I don't pay to be first I just _invest_

@Tryckert 3 года назад

@@EconomicsExplained Definitely becoming a patreon supporter once I graduate college and get a great job. Love this content

@peredavi 3 года назад

I left merchant marine as Third Assist engineer after 4 years ,used my savings(saved over 70% of income) put myself thru flight school and 5 years later got hired by major air cargo company. Retired this year, age 59 as 747 captain.

@thedarkdestroyer5063 3 года назад

Well done pal,but what point you trying to make ?

@jlhistory 3 года назад

Nice man, what was life like as a merchant marine

@e7venjedi 3 года назад

What was your motivation for leaving merchant marine?

@eliaslundstedt5607 3 года назад

@@thedarkdestroyer5063 That the average person is their own demise by not being smart economically I suppose, because few do what he did. And what he told is also just speaking of, the subject of the video

@murraycharters6102 3 года назад

That would not work right now during Covid, you would do better as a third assist engineer. I retired at 76 , rather I was made redundant along with everybody else . I was a Coach driver for Greyhound Australia. I retired from full time work at 61 but very quickly got bored. I had been driving coaches on weekends and just kept doing that. I didn't need the money but I enjoy driving, traveling and the people I met from all over the world.

@nickg1895 3 года назад

Hey I’m not sure if it was affected by the time of making this video but I saw you mentioned a cargo ship container would cost around €2200 to ship from UK to Australia. My dad works for a company that does business with China and he told me that they increased the shipping rate of the containers from around three to $4000 a container all the way up to $12-$13,000 per container today. The cost of shipping is actually rapidly increasing because of Covid and the reduced merchant fleets to deliver the product.

@markbarber7839 3 года назад

Thanks for the video.

@Joshua-jk1om 3 года назад

As for someone heading into the merchant marine field, this is VERY alarming.

@sudilos1172 3 года назад

Get ready to get sunk and raided by the massive Chinese fleet. With few other ships around , who will notice when yours disappeared

@isimvol 3 года назад

Well the video mentioned that this is the best type of transportation.. Just sucky times..

@davidlongworth3030 3 года назад

Ships are really bad at navigating fields.

@JM-5150 3 года назад

I've been a merchant mariner for 27 years. Sailed every where I wanted to go. Industry isn't dead yet. Depends on where you work and the type of vessels. Oil field is low and towing isn't much better. Survey is still going pretty well. Pay has been drastically reduced but I'm comfortable making 80k for 6 months of work. Being a licensed Chief engineer for the last 20 years has been fun, but unless you are ready to be gone and miss just about every holiday do your research. It's not for everyone.

@benjamingrimes3304 3 года назад

I wouldn't worry about it...we will always need ships to move people and goods. It's just going through a transformation, which happens in every industry.

@a.emotional243 3 года назад

3:56 "twice as long, twice as thick, and twice as h-" brain: "hard?" video: "high" oh

@billmelcher625 3 года назад

thiccc

@OptimisticalBilly.9001 3 года назад

b r u h

@xedasxedas 3 года назад

"Now c'mon man don't make it sound like a fat plumpy delicious c@ck"

@sunnyjim1355 3 года назад

Proof, if any was needed, that IQ is falling fast.

@a.emotional243 3 года назад

@@sunnyjim1355 My iq is probably higher than yours

@alex29443 2 года назад

This looks especially crazy now that we have a huge supply crisis.

@Lillarpy 2 года назад

Great video!

@luizarthurbrito 3 года назад

This channel has been steadily raising the quality bar over the last year.

@TriNguyen-mp8lz 3 года назад

definitely coming close to the level of lame joke as Wendover, I like it.

@officialdislikebutton8654 3 года назад

Or your standards have been dropping

@IANinALTONA 3 года назад

Except that almost everything he said in the video is either wrong of irrelevant

@joostsmals640 3 года назад

@@IANinALTONA what is wrong? I am curious.

@owenstull8974 3 года назад

@@joostsmals640 Too many things to mention, but fundamentally he does not understand how long ships last, the 7 to 12 years taken to depreciate a ship on a shipping companies books, and the relationship between ship scrapping and ship building. Ships last between 10 and 20 years depending on the type of ship and physical and economic obsolescence. They do not last 40 years. Every year something like 5% of the world's feet is scrapped and 5% is replaced. If more ships are scrapped than are built obviously the fleet will shrink. Ship owners bet on future growth of trade and on the ability of ship builders to add vessels to the fleet. What the "economist" finds so alarming is part of a recurring cycle.

@dennissalisbury496 3 года назад

When your Living In a house of cards, you begin burning your furniture to stay warm.

@ldkbudda4176 3 года назад

That happened in the 1917 socialist Russia.

@sharefactor 3 года назад

*you're

@lifeisgood5619 3 года назад

Are you saying the trading system are cards and the ships are furniture? Is scraping those ships really a bad thing though?

@dennissalisbury496 3 года назад

@@lifeisgood5619 This is an expression an engineer I worked with used to describe deporting our industrial manufacturing base to Asia.

@lifeisgood5619 3 года назад

@@dennissalisbury496 oh okey thanks (:

@jquinterov 3 года назад

excellent video on an interesting and timely topic

@pepehabichuela1004 3 года назад

Good upload, thanks!

@mr.personhumanson6871 3 года назад

It's gonna suck while half-way through scrapping a ship, the price of steel suddenly plummets

@BaronSamedi1959 3 года назад

That doesn't concern the shipowner. He gets paid once he delivers the vessel to the breaker yard. There are even specialized traders that buy ships for scrapping and pick them up anywhere in the world, pay the owner and sail it to Turkey or Bangla Desh or somewhere in Africa where labour for scrapping is cheap and safety or environmental regulations are non-existent. Now, however, the EU has put a stop to that practice and each EU shipowner must show that his (former) vessel is being scrapped in a responsible way or else he risks huge fines.

@ibubezi7685 3 года назад

@@BaronSamedi1959 "Bye bye EU!" Shipowners selling to some non-EU holding company - that then scraps it the 'normal' way.

@flimsyjimnz 3 года назад

-and vaccines jumpstart global economies back into *buy buy buy*

@bobs6129 3 года назад

It won't plummet if you control the supply

@calingog2645 3 года назад

I clicked on this video semi-reluctantly, as I didn’t think it sounded that interesting. But this was fantastic! Love all the connections you pointed out, how one decision on one side of the world leads to consequences on the other side. Great channel!

@amschelco.1434 2 года назад

I think i found my favorite channel.. economics 👍👍👍!!!

@rooseveltdumornay4954 3 года назад

Very entertaining and informative. This isn't something I would normally watch, but you managed to make a boring subject like economics fun and interesting to watch. I actually enjoyed watching.

@norml.hugh-mann 3 года назад

Cruise ships arent really considered the merchant marine in the US

@neilfrasersmith 3 года назад

Yes, my thoughts exactly. Covid 19 has decimated the cruise ship market, but merchandise still has to get moved around the world.

@GP-yc2it 3 года назад

Find a cruise ship ported in the USA... They're all foreign-based ships.

@GP-yc2it 3 года назад

@@neilfrasersmith need money buy goods, stores need money to order stock... globalists are trying to break the system by attacking the logistics while crushing incomes.

@martinobrien1877 3 года назад

NCL Pride of America in Hawaii is the only US flagged cruise.

@bababistril 3 года назад

@NotAfraidOfLeftist somehow your name really goes to show, you have some serious issues 😂😂

@mrfatmancory 3 года назад

Why are we up right now its like 1 am in sydney go to bed.

@EconomicsExplained 3 года назад

oh mate my bedtime is normally around 5am, but thanks for looking out for me :)

@dru4670 3 года назад

@@EconomicsExplained it's 9 am in Canada 😂. I like to think you make these videos for us Canadians 😂

@digitalpetor 3 года назад

@@EconomicsExplained But it is a perfect time to watch this kind of videos in western Russia - 5pm here. At least for a quarantined student like myself

@lk6912 3 года назад

@@digitalpetor Good job comrade, your English is impeccable.

@sh4dow347 3 года назад

its 17pm here mate

@davidt783 3 года назад

very interesting. Thanks

@mannyespinola 2 года назад

Thank you for this video

@pragueexpat5106 3 года назад

Me, a Mongolian subscriber: "I know man, I know.."

@aneek5784 3 года назад

I feel ya man

@ganbat 3 года назад

What do you know ?

@matt-hew69 3 года назад

That Grand Tour special they filmed there was EPIC. Beautiful country!

@pragueexpat5106 3 года назад

@@ganbat About landlocked countries

@pragueexpat5106 3 года назад

@@matt-hew69 what grand tour special?, filmed by who?

@lylestavast7652 3 года назад

scrapping ships (oldest) has probably also reduced a lot of expenditures on upgrading engines on them related to IMO2020 requirements on fuels/scrubbers. Where some of the oldest may have been bunkering in the newer low sulfur MFOs, they can now skip that premium and build new ships with state of the art engine systems - not having to take an active asset out of service for a year or more to refit in the process - they can sit on the cash and be planning instead...

@janein6491 3 года назад

Very good explanation, thank you.

@gustavothespaniard9689 3 года назад

Thank you for explaining

@MarioLaubacher 3 года назад

Note that Switzerland has access to maritime trade through the Rhine, with container ship routes going from Basel to Rotterdam.

@NotADuncon 3 года назад

Smaller ones tho

@NotADuncon 3 года назад

@HeedArmy83 yes but the point still stands that it has a harder time trading than countries with access to the sea

@mrspeigle1 3 года назад

Yeah, the Mississippi river is great for shipping, but a bit of a difference in flat bottom barges and super container ships.

@mns8732 3 года назад

@@mrspeigle1 you're correct. Without navigational rivers the u s would have sunk quickly. Not having it almost lost the country politically.

@alexanderfretheim5720 3 года назад

Yeah that's actually true. Switzerland's handicap in manufacturing is an excessively strong currency that makes it more expensive to buy their goods outside of Switzerland than within it, and also makes everyone elses goods cheaper in Switzerland, not a lack of maritime access.

@yasinmahmudchowdhury1412 3 года назад

I live near that area, *Chittagong shipping graveyard* . The pollution here is off the chart. These third world countries have literally become the dumping ground ,global trash can of the first world countries luxurious lifestyles. Our area is getting the first hand experience of global warming. It's not sustainable. Sooner or later this lavish life style will backfire greatly in the near future.

@derekhieb7458 3 года назад

Yes, and ship breaking is dirty business and is probably unregulated.

@garethbaus5471 3 года назад

A lot of the pollution is probably the result of limited local regulation of the these areas (which unfortunately is probably why such areas are chosen l) and isn't necesarily inherent to the excessive waste of first world lifestyles.

@thetruthisoutthere6870 3 года назад

I'm sorry to hear that, God will be taking note of 'those destroying that part of the earth' the Bible promises to 'destroy those destroying the earth' in the very near future, he will also restore earth & it's inhabitants to perfection. 🙏🌎👌

@FiredAndIced 3 года назад

My line of thinking is dystopian, which means I should not proffer that suggestion.

@Dan_Tactics 3 года назад

@@thetruthisoutthere6870 the Bible says a lot of things.

@glenngilbert7390 2 года назад

Thank you!

@mookosh 2 года назад

8 months later and suddenly we have supply chain issues from a lack of cargo ships...

@SegoMan 2 года назад

PlannedFreightScamDemic The indigenous tribes were starved into compliance so will we..

@TheDhammaHub 3 года назад

Good thing I did not listen to the guys saying that those ships would just be sold to another company

@davidbeppler3032 3 года назад

Whoever said that was right. Just the company will cut them up and melt them down instead of putting them back out to sea.

@karl0ssus1 3 года назад

"Prop up a housing market" Triggers in NZ

@magamike1800 3 года назад

20% increase over the last year. Jacinda said they cant go up for ever and then printed up another 28 billion for more low interest loans. She may be pretty buy she is dumb AF.

@tarstarkusz 3 года назад

Kind of like what China is doing.

@ne0tas 3 года назад

i love crysis

@bubblegumgun3292 3 года назад

@@tarstarkusz atleast china is building roads , you know as a capitalist i must say they made socialism work.

@tarstarkusz 3 года назад

@@bubblegumgun3292 Building roads and bridges that aren't needed isn't capitalism (or socialism). If you are building something for the purpose of employment and stimulus, you are by definition not building something because it is needed.

@hg2. 2 года назад

Interesting - thanks.

@dolvana 3 года назад

Great job!

@billpage5900 3 года назад

I like how he measured the width of the ship as "2X Thiccc

@billm3210 3 года назад

A big cost for merchant fleets is they must go green and cut emissions down starting 2021 in addition to become for efficient and cut other costs.This was pre-covid. Only the big guys can survive.

@sunnyjim1355 3 года назад

And that's the whole point... Centralization.

@blogengeezer4507 3 года назад

-One World Governance, 'Brave New World', or... "Some Pigs are More Equal than Others" ;

@s.m.281 3 года назад

you got the point. regarding the emission rules will be valid in 2021, the old-tech vessels will be prohibited while new vessels with less CO2 emission have been built for replacing those old ones therefore there have been excess container vessels in the market causing fleet price to decrease. with more cost - less profit , i still be in doubt how they withstand.

@drizler 3 года назад

I for one see most of this Global Warming as a pack of pure 💩. I grew up with the cries of the same sorts whining about the Millennial Ice Age coming our way. Then low and behold decades later (August 2020) the scientist leading the charge publishes his apologetic reaction saying he was 😑 wrong. Awww Gee. Probably seeking some last glimmer of notoriety. Anyways one of the few things I agree with in all this is the amount pollution you find in bunker oil. It’s really nasty,on a grand scale. I think I read someplace it was on the order of 2500 x as dirty as gasoline. Here in the North Country many institutions military bases and such all ran on that stuff via a big steam central heat plant. Most if not all have been modernized to diesel / HHO or done away with in favor of natural gas. I saw a couple documentaries showing quasi modernized ships running bunker and diesel the diesel being required for near shore operations. I can see where that ramps up the costs and they made a big show of that in the documentary. Sign of the times I guess. It’s probably just good financial sense to start over with new compliant gear. The world moves on.....

@Groza_Dallocort 3 года назад

@@drizler also I think diesel is better for the engine then bunker oil. It sounds to be that bunker oil really clog up the engine components faster then diesel does and soon we will go over to biodiesel that is even better then regular diesel

@billigoat13 3 года назад

I love it when you say “goes birrr”

@Troublechutor 3 года назад

very cool explainer. Cheers!

@swapnilsharma2794 3 года назад

Keep up the great work EE. I love this channel so much, I learn something new every day

@EconomicsExplained 3 года назад

Thanks mate, that is so nice to hear :)

@itsgarryb432 3 года назад

Sustainable ship recycling is a must nowadays. Shipbreakers in developing countries should be able to implement ship recycling plans without incurring significant costs. A good idea might be that the entire shipbreaking process is carried out on a specially constructed bed rather than a muddy surface. By the way, great video Economics Explained! Very interesting, looking forward to the next one.

@araunapalm 3 года назад

Thanks!

@martiehensley4452 2 года назад

you all are mornings that is the only definition i am looking for!!!!!!

@Twinrehz 3 года назад

I don't know why, but the phrase "so valuable that shipping costs are an irrelevant rounding error" was simply hilarious

@Peizxcv 3 года назад

0:00 - "This is the Carnival Imagination" while the stern reads Carnival Fantasy :D

@kaimanson3174 3 года назад

I thought the same thing, but wasn't too sure if he was referring to the boat he was on. After doing a short research this is what I found out "Carnival Cruise Lines announced July 23 that the 1995-built Carnival Imagination would be placed in long-term layup, with no immediate plans for it to re-enter the fleet. On August 26, the ship officially embarked on its last journey, sailing from Willemstad, Curacao, to Aliaga, Turkey, where it will be broken up." According to Marine traffic Aliaga Turkey was the last port he was reported to be at. Too sad, it was actually the first cruise I got on.

@bieituns 3 года назад

I think he means the ship that the camera recording the fanatasy is on.

@gregh7457 3 года назад

i would have thought the first one they scrapped was the diamond princess. Last time i was on it, it was looking pretty rough around the edges

@mal2ksc 3 года назад

@@gregh7457 That's not a Carnival ship. "They" (meaning Carnival's executives) can't scrap a competitor's ship (unless they buy it).

@gregh7457 3 года назад

@@mal2ksc which one isn't carnival? princess is owned by carnival btw

@daviscorporatellc 2 года назад

10:51 lolol " commodity prices go brrrr". Wall Street Bets hits the EE channel. Lol love it.

@MLDeS100 3 года назад

7:11 isn't that the port that blew up from the fertilizer explosion?

@EconomicsExplained 3 года назад

it's actually cassablanca in morroco, but you are right it looks unbeleivably similar.

@MLDeS100 3 года назад

@@EconomicsExplained wow that resemblance is uncanny.

@andyu69 3 года назад

Same thought

@sarahsmith840 3 года назад

@@EconomicsExplained Generica strikes again!

@MagicMike_101 3 года назад

There are a few ports in this video.

@travissobeck4939 3 года назад

I've got an old chain link fence and banding wire .. if I band it up to look like a ship ..... maybe I can get that Ferrari after all!! yet another good video.

@phreddphlintstone297 3 года назад

This is actually great news. I've said for the last few years that there are simply too many ships and too much tonnage by companies to service the industry. Rates have been so low several companies have gone under, before covid. Other shipping companies would keep increasing their fleets and the problem continued, too much capacity and not enough tonnage to be shipped worldwide even with rediculously low shipping rates of the last few years. Taking older ships out of the business will ease the problem for a bit, but only if they aren't replaced immediately will it solve the problem for the long run.

@oldvlognewtricks 2 года назад

Well, this aged like lettuce…

@derekromero2331 3 года назад

“Low cost manufacturing in China” That’s one way to put it

@andrewthompson5728 3 года назад

Slave labor in China. Fixed it for you.

@Ray-no9sj 3 года назад

@@andrewthompson5728 nah fam. slave labor only in America, England and Africa, not China. do your own research and not let CNN brainwash u.

@andrewthompson5728 3 года назад

@@Ray-no9sj It is so pleasing to review a mandatory response from a faithful Party Member! Drink your koolaid.

@Ray-no9sj 3 года назад

@@andrewthompson5728 ah yes the conspiracy theory brainwashed into you that no Chinese support cpc and that all supporters are 50cent and wumaos😁 since you say I am forced to comment, I guess I'll call you the CIA agent train by Mike Pompeo to lie, cheat, and steal.

@dughole54 3 года назад

@@Ray-no9sj says the suicide nets around the apple factory lol, I can quit my job here in america

@oldmikie 3 года назад

Nicely done. This is excellent explanaition. Explainning the logistics of the profit motive is terrific.

@EconomicsExplained 3 года назад

Glad you enjoyed it!

@Foolish188 3 года назад

Or minimizing losses motive.

@Stefi747 3 года назад

“Australia used fiscal stimulus to keep propping up its housing market” *laughs in Canadian*

@alainduncan3756 3 года назад

Yea this guy thinks that making housing less affordable while robbing people of their savings is somehow "responsible" economics? He obviously doesn't understand the first thing about economics. His channel should be renamed "Lies that government wants you to believe".

@yoannybatista4202 3 года назад

Liked and subscribed. Good job!

@user-le6wh2mf4u 3 года назад

C.o.n.t.a.c.t. M.e. O.n W.h.a.t.s.a.p *+1..2..1..3..2..9...7..4...3...9...0* Sorry for late response I was very busy Do well to respond 🙏

@oligarchytheatre777 3 года назад

Excellent content

@spaceman081447 3 года назад

At 9:56 . . . China: ". . . that stimulus is coming in the form of infrastructure spending." United States: "What's infrastructure?"

@cloutmastermemes2007 3 года назад

China builds poor quality infrastructure it breaks down after 2 decades. And you do realize since China is an authoritarian state it has the ability to control its market. In reality It’s not as good as you think.

@blogengeezer4507 3 года назад

-Willing to sacrifice Freedom? "Those who sacrifice Freedom, in exchange for Security, Deserve Neither" ;

@evm6177 3 года назад

@@blogengeezer4507 In other words like talking about some people who are crazy enough to speed with the absolute delusion of conviction that they believe they have a fool proof breaking systems fitted in their vehicles for keeping them safe & secure no matter how fast or far they take their freedom! Right? .. EXCEPT NOT EVERYONE'S GROWN UP AND MATURE ENOUGH TO HANDLE SUCH A DELICATE COMPLEXITY AS ABSOLUTE FREEDOM WITHOUT SECURITY / CONTROL! You really don't want to put that kind of hope & faith in all of crazy humanity.. 🍷

@liegesaboya8265 3 года назад

@@cloutmastermemes2007 l don't have notice of any other authoritarian regime worst than United States of England . There isn't a single Latin American country that hasn't suffered with dictatorships implemented by the CIA . The same in Africa , Asia and Middle East . If it's not authoritarianism , my grandpa is a bycicle . Salute from Brazil .

@lynncomstock1255 3 года назад

California is leading the infrastructure way with its high speed rail to nowhere and converting EVERYTHING to non-fossil fuel energy sources. They can always supplement their energy needs with wood from the forests which are burning anyway with great regularity. However they probably would not be smart enough to harvest the wood that grows close to where people live and work. Will Rogers said, "When the Okies left Oklahoma and moved to California, it raised the I.Q. of both states." (I absolutely love that quote.)

@petrvorlicek466 3 года назад

Wow, not only commercial vessels but even military battleships were limited by the Panama canal. This leads to question, where and how can you scrap some large inventions like battleships and space rockets?

@rkan2 3 года назад

Space rockets? Traditonally you'd scrap them to a bottom of an ocean.. Besides, relative to their cost, the amount of materials put in to them, is once again a rounding error.

@carlosandleon 3 года назад

the large ones would probably just go around the continents the old fashioned way

@quisqueyanguy120 3 года назад

Spaceships are scrapped in a high orbit or in the pole of inaccesibility in the South Pacific Ocean.

@jonrolfson1686 3 года назад

The Japanese and the Germans built some battleships that were too wide to pass through the Panama Canal locks of the 1940s. The largest, last US Navy and Royal Navy battleships (the four Iowas and HMS Vanguard) can/could slide into those locks with a few molecules of air to spare.

@merkonerko2 3 года назад

A lot of warships these days aren’t sent to scrapyards but are sunk during live-fire exercises and turned into artificial reefs.

@dipimage1935 3 года назад

Bravo! Great content.

@gautamchandran 3 года назад

Wondering if this scrapping has anything to do with the impact IMOs sulphur regulations will have on the costs of operating the older ships..

@DirtPerson 3 года назад

Hey that's an interesting point.

@ridingwithdavid739 3 года назад

That definitely comes into play. Much like Euro 5 exhaust regulations, it makes old tech prohibitively expensive.

@levant5378 3 года назад

They don't own the ships, their debtors do. So why sail around a liability that isn't making money when you can liquidate it and pay back some of the debt?

@gregh7457 3 года назад

its common practice in economic downturns to get rid of older less efficient assets. The airlines are doing on a much bigger scale right now