Why are Billions of Dollars Worth of Ships Being Intentionally Destroyed?

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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Пікірлер: 4 900

@EconomicsExplained 3 жыл бұрын

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

@ssik9460 3 жыл бұрын

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

@ivebeenfound1575 3 жыл бұрын

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

@fdr8343 3 жыл бұрын

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 жыл бұрын

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

@pimme043 3 жыл бұрын

You make very good videos

@Quickonomics 3 жыл бұрын

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 жыл бұрын

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 жыл бұрын

@dongster529 3 жыл бұрын

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

@saasda6255 3 жыл бұрын

@@EconomicsExplained probably get flew back by the company

@emperorpalpatine4995 3 жыл бұрын

@@saasda6255 by the owner’s private jet

@billandpech 3 жыл бұрын

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 жыл бұрын

@christianlee7244 3 жыл бұрын

thanks bro, you saved me 13 minutes.

@navegantezen5983 3 жыл бұрын

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

@redneck4200000 3 жыл бұрын

Nailed it!

@jqad3984 3 жыл бұрын

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

@jonikasemi 3 жыл бұрын

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

@johannmuller3711 3 жыл бұрын

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

@deshraj669 3 жыл бұрын

@@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 жыл бұрын

@@deshraj669 Africa is under heavy Chinese influence already aswell

@urcheese9074 3 жыл бұрын

That is why you always bully china into explosion

@kevtron1991 3 жыл бұрын

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

@mr.2minutes161 3 жыл бұрын

more painful for me watching people who scap it in bangladesh

@MrWest949 3 жыл бұрын

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 жыл бұрын

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 жыл бұрын

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

@cedricvillani8502 3 жыл бұрын

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.....................

@matthewkelleyhotmail 3 жыл бұрын

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 жыл бұрын

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 жыл бұрын

@@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 жыл бұрын

@@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 жыл бұрын

@@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 жыл бұрын

@@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.

@ZeusTheIrritable 3 жыл бұрын

The next innovation in cargo shipping: Sails.

@kullen1041 3 жыл бұрын

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 жыл бұрын

@@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 жыл бұрын

@@ZeusTheIrritable for sure

@skinz1877 3 жыл бұрын

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

@africkinamerican 3 жыл бұрын

It's called wind power

@ezragoldberg3132 3 жыл бұрын

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

@hyperscore6810 3 жыл бұрын

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

@EconomicsExplained 3 жыл бұрын

ahh I will have to do better next time

@vodkabullet4066 3 жыл бұрын

@@EconomicsExplained I live in norway

3 жыл бұрын

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 жыл бұрын

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

@benjaminanderson2028 3 жыл бұрын

@@robbiehorninlow1520 😱

@promstar 3 жыл бұрын

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 жыл бұрын

AI Seafaring Automation.

@hudsondunn8385 3 жыл бұрын

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

@benlarson9775 3 жыл бұрын

@@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 жыл бұрын

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 жыл бұрын

@@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.

@NickSiekierski 3 жыл бұрын

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.

@sayftysayfty4228 2 жыл бұрын

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.

@Sluggishbeef6 3 жыл бұрын

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

@kathieharine5982 3 жыл бұрын

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 жыл бұрын

@@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 жыл бұрын

@@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 жыл бұрын

@@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 жыл бұрын

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

@jakebrod7 3 жыл бұрын

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

@mahdihasan8293 3 жыл бұрын

Lol loved that one.

@pancakeperson7401 3 жыл бұрын

Literally almost forgot this was an economics explained video XD

@ryangarcia6475 3 жыл бұрын

Wendover do be better doe

@Geoffr524 3 жыл бұрын

Caught this one also.

@miketv3845 3 жыл бұрын

Best reference

@davidprietogomez7254 3 жыл бұрын

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

@Bartonovich52 3 жыл бұрын

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.

@gaz3097 3 жыл бұрын

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

@nickmattio3397 3 жыл бұрын

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

@magamike1800 3 жыл бұрын

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

@tarstarkusz 3 жыл бұрын

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 жыл бұрын

*Bangladesh actually.*

@gaz3097 3 жыл бұрын

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

@bug5654 3 жыл бұрын

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

@leandersearle5094 3 жыл бұрын

How many years has it been 2020 now?

@bug5654 3 жыл бұрын

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

@TheBelrick 3 жыл бұрын

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

@jwadaow 3 жыл бұрын

@@TheBelrick No can do.

@TheBelrick 3 жыл бұрын

@@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.

@tomorrow6 3 жыл бұрын

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

@anajalo5981 2 жыл бұрын

Exactly what I was thinking rewatching this

@peterpayne2219 3 жыл бұрын

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

@Death_Saved 3 жыл бұрын

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 жыл бұрын

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

@sudilos1172 3 жыл бұрын

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

@jarryl7520 3 жыл бұрын

That’s a smart move ngl

@ShearF3ar 3 жыл бұрын

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 жыл бұрын

Clever question

@alainduncan3756 3 жыл бұрын

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

@alitlweird 3 жыл бұрын

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

@alainduncan3756 3 жыл бұрын

@@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 жыл бұрын

@@alainduncan3756 You are 100% right

@SamuraiUjio 3 жыл бұрын

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 жыл бұрын

@@SamuraiUjio absolutely

@SirMax7 3 жыл бұрын

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

@justinmiller1118 2 жыл бұрын

🇺🇦

@christianknuchel 3 жыл бұрын

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 жыл бұрын

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

@bonawang4995 3 жыл бұрын

@@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 жыл бұрын

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 жыл бұрын

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 жыл бұрын

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

@aurandon 3 жыл бұрын

04:19 Trolling Wendover Production lol

@EconomicsExplained 3 жыл бұрын

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 жыл бұрын

@@EconomicsExplained xD bruh 😂

@sriyadityasrivatsa5346 3 жыл бұрын

@@EconomicsExplained XD

@sarasij1477 3 жыл бұрын

@@EconomicsExplained Gib me Norway too

@icekick1173 3 жыл бұрын

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

@JM-5150 3 жыл бұрын

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 жыл бұрын

Wish I'd done that career. 😒

@boatybear1013 3 жыл бұрын

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

@razzrack 3 жыл бұрын

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

@ktoectbkto 3 жыл бұрын

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

@pc2753 3 жыл бұрын

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

@guillaumegervais8290 3 жыл бұрын

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

@beachbum4691 3 жыл бұрын

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 :)

@jg5875 3 жыл бұрын

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 жыл бұрын

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

@jg5875 3 жыл бұрын

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

@mxn1948 3 жыл бұрын

@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"

@cyclonicleo 3 жыл бұрын

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 жыл бұрын

You sir are totally right.

@paulsz6194 3 жыл бұрын

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 жыл бұрын

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

@ianmcmahon8589 3 жыл бұрын

@@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 жыл бұрын

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

@quindelin 3 жыл бұрын

dude this video was genius, been watching since the beginning. i loved this one

@bradford2279 3 жыл бұрын

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 жыл бұрын

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 жыл бұрын

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

@gauravroxs7566 3 жыл бұрын

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

@Gaga682 3 жыл бұрын

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

@Me-zo8yc 3 жыл бұрын

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

@MashZ 3 жыл бұрын

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

@Debonair.Aristocrat 3 жыл бұрын

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

@liamandrade5167 2 жыл бұрын

And the everyone clapped

@calingog2645 3 жыл бұрын

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!

@ManpreetSingh-qv6lq 3 жыл бұрын

Very nicely explained,loved it Thanks

@yoannybatista4202 3 жыл бұрын

Liked and subscribed. Good job!

@user-le6wh2mf4u 3 жыл бұрын

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 🙏

@MarioLaubacher 3 жыл бұрын

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

@NotADuncon 3 жыл бұрын

Smaller ones tho

@NotADuncon 3 жыл бұрын

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

@mrspeigle1 3 жыл бұрын

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

@mns8732 3 жыл бұрын

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

@alexanderfretheim5720 3 жыл бұрын

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.

@Joshua-jk1om 3 жыл бұрын

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

@sudilos1172 3 жыл бұрын

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 жыл бұрын

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

@davidlongworth3030 3 жыл бұрын

Ships are really bad at navigating fields.

@JM-5150 3 жыл бұрын

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 жыл бұрын

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.

@Lillarpy 2 жыл бұрын

Great video!

@compresswealthdivideeconom3757 3 жыл бұрын

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 жыл бұрын

Not with paid like a slave labour!

@SpeakHearSeeNoEvil 3 жыл бұрын

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 жыл бұрын

China needs steel, probably to build up their military.

@laxcatthesleepycat2688 3 жыл бұрын

@@CanadianArchaeologist or their own merchant fleet

@fredericp64 3 жыл бұрын

Can we please vote this comment up to the top!

@ukaszw6623 3 жыл бұрын

Ships are built to make profit not to make costs.

@FinnUnv 3 жыл бұрын

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 жыл бұрын

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

@FinnUnv 3 жыл бұрын

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

@Tryckert 3 жыл бұрын

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

@markbarber7839 3 жыл бұрын

Thanks for the video.

@user-yr7m2 2 жыл бұрын

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

@JustMe-nf1mf 2 жыл бұрын

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 жыл бұрын

Your ignorance is simply staggering.

@thefarter6462 2 жыл бұрын

@@JustMe-nf1mf your ignorance is absolute

@notjustforme 2 жыл бұрын

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.

@mr.personhumanson6871 3 жыл бұрын

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

@BaronSamedi1959 3 жыл бұрын

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 жыл бұрын

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

@flimsyjimnz 3 жыл бұрын

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

@bobs6129 3 жыл бұрын

It won't plummet if you control the supply

@peredavi 3 жыл бұрын

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 жыл бұрын

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

@jlhistory 3 жыл бұрын

Nice man, what was life like as a merchant marine

@e7venjedi 3 жыл бұрын

What was your motivation for leaving merchant marine?

@eliaslundstedt5607 3 жыл бұрын

@@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 жыл бұрын

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.

@jquinterov 3 жыл бұрын

excellent video on an interesting and timely topic

@qaarloshilaal2778 3 жыл бұрын

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

@oldvlognewtricks 2 жыл бұрын

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

@Pasteurpipette 3 жыл бұрын

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 жыл бұрын

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 жыл бұрын

@@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 жыл бұрын

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

@norml.hugh-mann 3 жыл бұрын

Cruise ships arent really considered the merchant marine in the US

@neilfrasersmith 3 жыл бұрын

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 жыл бұрын

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

@GP-yc2it 3 жыл бұрын

@@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 жыл бұрын

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

@bababistril 3 жыл бұрын

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

@davidt783 3 жыл бұрын

very interesting. Thanks

@pepehabichuela1004 3 жыл бұрын

Good upload, thanks!

@a.emotional243 3 жыл бұрын

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

@billmelcher625 3 жыл бұрын

thiccc

@OptimisticalBilly.9001 3 жыл бұрын

b r u h

@xedasxedas 3 жыл бұрын

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

@sunnyjim1355 3 жыл бұрын

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

@a.emotional243 3 жыл бұрын

@@sunnyjim1355 My iq is probably higher than yours

@financial.affairs 3 жыл бұрын

It's more profitable to destroy then to maintain

@EconomicsExplained 3 жыл бұрын

yep pretty much, sad stuff none the less

@relife6764 3 жыл бұрын

@@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 жыл бұрын

@@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 жыл бұрын

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 жыл бұрын

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

@mookosh 2 жыл бұрын

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

@SegoMan 2 жыл бұрын

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

@mannyespinola 3 жыл бұрын

Thank you for this video

@dennissalisbury496 3 жыл бұрын

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

@ldkbudda4176 3 жыл бұрын

That happened in the 1917 socialist Russia.

@sharefactor 3 жыл бұрын

*you're

@lifeisgood5619 3 жыл бұрын

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

@dennissalisbury496 3 жыл бұрын

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

@lifeisgood5619 3 жыл бұрын

@@dennissalisbury496 oh okey thanks (:

@Ishmaelstene 3 жыл бұрын

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

@EconomicsExplained 3 жыл бұрын

** WoTs gOin oN EErE

@sargesacker2599 3 жыл бұрын

BEKFAST!

@JoeGreeneFilmsOslo 3 жыл бұрын

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

@TheBelrick 3 жыл бұрын

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.

@jameseddy6835 3 жыл бұрын

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

@Troublechutor 3 жыл бұрын

very cool explainer. Cheers!

@mrfatmancory 3 жыл бұрын

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

@EconomicsExplained 3 жыл бұрын

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

@dru4670 3 жыл бұрын

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

@digitalpetor 3 жыл бұрын

@@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 жыл бұрын

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

@sh4dow347 3 жыл бұрын

its 17pm here mate

@lylestavast7652 3 жыл бұрын

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...

@marklivingstone3710 3 жыл бұрын

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 жыл бұрын

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

@the_retag 2 жыл бұрын

Old crappy ships are likely the most economic to scrap

@amschelco.1434 2 жыл бұрын

Very good channel very buisness informative 👍👍👍👍👍 keep up channel more power!!

@pragueexpat5106 3 жыл бұрын

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

@aneek5784 3 жыл бұрын

I feel ya man

@ganbat 3 жыл бұрын

What do you know ?

@matt-hew69 3 жыл бұрын

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

@pragueexpat5106 3 жыл бұрын

@@ganbat About landlocked countries

@pragueexpat5106 3 жыл бұрын

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

@yasinmahmudchowdhury1412 3 жыл бұрын

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 жыл бұрын

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

@garethbaus5471 3 жыл бұрын

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 жыл бұрын

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 жыл бұрын

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

@Dan_Tactics 3 жыл бұрын

@@thetruthisoutthere6870 the Bible says a lot of things.

@tezausbra8 3 жыл бұрын

Good video and analysis. How big is the EE team that puts this together?

@karl0ssus1 3 жыл бұрын

"Prop up a housing market" Triggers in NZ

@magamike1800 3 жыл бұрын

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 жыл бұрын

Kind of like what China is doing.

@ne0tas 3 жыл бұрын

i love crysis

@bubblegumgun3292 3 жыл бұрын

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

@tarstarkusz 3 жыл бұрын

@@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.

@TheDhammaHub 3 жыл бұрын

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

@davidbeppler3032 3 жыл бұрын

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

@daviscorporatellc 2 жыл бұрын

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

@amschelco.1434 2 жыл бұрын

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

@luizarthurbrito 3 жыл бұрын

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

@TriNguyen-mp8lz 3 жыл бұрын

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

@officialdislikebutton8654 3 жыл бұрын

Or your standards have been dropping

@IANinALTONA 3 жыл бұрын

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

@joostsmals640 3 жыл бұрын

@@IANinALTONA what is wrong? I am curious.

@owenstull8974 3 жыл бұрын

@@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.

@oldmikie 3 жыл бұрын

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

@EconomicsExplained 3 жыл бұрын

Glad you enjoyed it!

@Foolish188 3 жыл бұрын

Or minimizing losses motive.

@dolvana 3 жыл бұрын

Great job!

@hg2. 3 жыл бұрын

Interesting - thanks.

@Twinrehz 3 жыл бұрын

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

@billm3210 3 жыл бұрын

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 жыл бұрын

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

@blogengeezer4507 3 жыл бұрын

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

@s.m.281 3 жыл бұрын

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 жыл бұрын

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 жыл бұрын

@@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

@dipimage1935 3 жыл бұрын

Bravo! Great content.

@gautamchandran 3 жыл бұрын

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 жыл бұрын

Hey that's an interesting point.

@ridingwithdavid739 3 жыл бұрын

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

@Peizxcv 3 жыл бұрын

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

@kaimanson3174 3 жыл бұрын

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 жыл бұрын

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

@gregh7457 3 жыл бұрын

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 жыл бұрын

@@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 жыл бұрын

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

@billpage5900 3 жыл бұрын

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

@nlomas 2 жыл бұрын

Great video

@spaceman081447 3 жыл бұрын

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

@cloutmastermemes2007 3 жыл бұрын

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 жыл бұрын

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

@evm6177 3 жыл бұрын

@@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 жыл бұрын

@@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 жыл бұрын

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.)

@Stefi747 3 жыл бұрын

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

@alainduncan3756 3 жыл бұрын

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".

@gustavothespaniard9689 3 жыл бұрын

Thank you for explaining

@janein6491 3 жыл бұрын

Very good explanation, thank you.

@swapnilsharma2794 3 жыл бұрын

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

@EconomicsExplained 3 жыл бұрын

Thanks mate, that is so nice to hear :)

@petrvorlicek466 3 жыл бұрын

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 жыл бұрын

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 жыл бұрын

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

@quisqueyanguy120 3 жыл бұрын

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

@jonrolfson1686 3 жыл бұрын

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 жыл бұрын

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

@glenngilbert7390 3 жыл бұрын

Thank you!

@nickg1895 3 жыл бұрын

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.

@travissobeck4939 3 жыл бұрын

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.

@itsgarryb432 3 жыл бұрын

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 жыл бұрын

Thanks!

@rajiburrahman8176 3 жыл бұрын

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

@captaingordon 3 жыл бұрын

Brilliantly presented. This reminds me of the series “Connections” by James Burke.

@LuciusDriftwood 3 жыл бұрын

Wow! I recently 'connected' with this series a couple of months ago. It seems incredibly prescient. For your delectation.....episode 1 ;) kzfaq.info/get/bejne/jsuko895yLObkYU.html

@phamnuwen9442 3 жыл бұрын

This entire video is cringe. Almost zero economic knowledge to be had here.

@TheDrexxus 3 жыл бұрын

Before watching the video, I would assume that with these ships being unable to sail, they still have to be put in port somewhere and there just isn't enough space for them all considering ports weren't built to hold all of them as they were intended to only spend a bit of time there then depart. Also, it would cost money constantly for them to just stick around in port and I would assume with the sudden demand for port access with so many ships needing it, the prices have probably gone up. So ultimately, it would've cost more money in the long term to keep the ships than not to, especially considering that cruises got IMMENSE bad press over how fast diseases spread through them and they've had a lot of news coverage before that for other issues. They probably thought it would take too long for the cruise industry to recover and it just wouldn't be worth it for a long time and is better to just scrap them to get that stimulus of money to do something else with. So now i'll watch the video and see if any of that syncs up. :P

@oligarchytheatre777 3 жыл бұрын

Excellent content

@anthonygibbs9245 3 жыл бұрын

Very interesting

@bfdmatt98 3 жыл бұрын

I almost choked on my lunch when you called out wendover productions.

@BigDsGaming2022 3 жыл бұрын

The Merchant Fleet is alive and well . In Charleston SC the Atlantic fleet arrives every summer to be drydocked and re painted . There is no reduction in the ships there at the shipyard .