Huge Ships Have Always Held Risk
After the huge ship got stuck and unstuck in the Suez the world of trade, its buyers, sellers, banks, insurance companies and steamship companies are scrambling to pay the losses and prepare for the next disaster. As moving goods around the world became cheaper and cheaper it is now obvious the risks became higher and higher. I'm old enough to remember well the Exxon Valdez oil spill. That tanker was among the largest in use at that time. Insurance companies and others paying the damage began to wonder if the larger risk of larger tankers offset their economies. Now fright ships face the same dilemma. These freighters are not equipped with the sensors used by driverless cars of auto pilots in airplanes. Many think more electronic equipment could have made adjustments before the accident. The early conclusions are that wind required an adjustment by the captain. But the captain over adjusted. Possibly some ships will not use the canal in high winds. The macro effect, however, is the...