Wed, November 2, 2016 at 14:09
The tragic accident and repair on the Colonial Pipeline in Alabama was marked by the whip in $STNG yesterday and today. Medium-range tanker charter rates from Rotterdam to New York spiked by 266% yesterday according to Gibson Shipbrokers. Mike has drawn attention to those Atlantic Basin rates should repairs run longer.
Think about that for a second. A critical gasoline pipeline is damaged in a maintenance accident that sadly took one life and horribly injured several other workers. The infrastructure ripple effect caused gasoline shortages in North Carolina and spikes in tanker charter rates, all derived from gasoline thirst and the reported piercing of the pipeline by a single excavator. One earthmoving machine.
As our friend and commentator David Chinski mentioned, “If one pilot over the South China Sea does the wrong thing…..”
Also, let’s not forget the “interesting times” quote, possibly originating in China, and from British politician Joseph Chamberlain in 1898: “I think that you will all agree that we are living in most interesting times. I never remember myself a time in which our history was so full, in which day by day brought us new objects of interest, and, let me say also, new objects for anxiety.”