PRESTOPUNDIT -- A Good Blog at a Great Price. Guaranteed.

China. Booming China Devouring Raw Materials. Quotable: "Four miles off Nobbys Head, a spit of land jutting into the Pacific like a beckoning finger, 34 bulk freight ships sit anchored in involuntary vigil, pounded by ceaseless wind. They are waiting their turn to proceed to the wharf and load coal for power plants in northeast Asia .. The China Syndrome, as it known, explains why as many as one-fifth of the bulk freighters in the world are effectively unavailable on any given day and why the cost of moving bulk freight has more than doubled in just over a year. The same ships that sit stranded outside Newcastle, or at iron ore ports in Brazil, India and western Australia, must line up again for as long as three weeks to unload at congested Chinese ports such as Qingdao and Ningbo." Posted by Greg Ransom | TrackBack