Monday, January 8, 2018

Geopolitics and Economics



That's a picture of the Sanchi, an Iranian tanker currently on fire off the coast of China.  It contains condensate, an extremely light product of oil wells that is only liquid if under pressure.  There is a very good chance that the whole thing could blow up at any time.
The ship has Panamanian registry, but Iranian ownership and an Iranian crew.
In reporting on the blaze last night, CBS news mentioned - almost in passing - that the ship and its cargo were enroute from Iran to South Korea.
Specifically, the cargo was headed to Hanwha Total, a petrochemical manufacturer owned in part by Samsung.
Okay - Iran is supposed to be under some pretty severe restrictions, what with being an international sponsor of terrorism, etc. - and isn't South Korea supposed to be one of our staunchest allies?
Who says that the Dollar (or the Rial or the Won) doesn't rule the world?

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