Hi Leafy!
send their own kids then
Elizabeth II is the bloodline of the Royal House, hubby is not, so he's a Prince
Cooper, gold, oil
Although mining employs only a small portion of the population, it is by far the largest contributor to Papua’s economy. One of the world’s biggest deposits of copper and gold ore is located at Tembagapura, in the west-central part of the province. Exploitation of those resources has been under way since the early 1970s, despite disruptions caused by long-term guerrilla fighting in the region. Petroleum is also extracted in the area. Internal transport is supported by a growing number of secondary coastal roads, riverboats, and airways that link the major cities in Papua with those in West Papua and other parts of Indonesia.
https://www.britannica.com/place/Papua
Shipping’s Big Bang Sends Two Global Industries Spinning
January 14, 2020 by Bloomberg
By Jack Wittels (Bloomberg) –Two weeks ago, the vast majority of the world’s ships were forced to change the fuel they use. Some big winners — and potential losers — are starting to emerge from what was a historic switch for the world’s oil refining and maritime industries.
Regulations began on Jan. 1 forcing vessels to sharply reduce emissions of sulfur oxides from burning so-called bunker fuel. If successful, the rules could turn out to be the single-biggest, globally mandated improvement to air quality ever. The pollutant is blamed for worsening human health conditions like cardiovascular disease and asthma, and causing acid rain.
But the cost of the new fuel has skyrocketed to the point where it recently surpassed diesel and gasoline in Singapore, Asia’s oil-trading hub. The dynamic adds to the cost of transporting goods and raw materials — a potential impediment to global supply chains since fuel represents the maritime industry’s single-biggest expense.
“The cost of world trade is rising when the bunker costs go up,” said Peter Sand, chief shipping analyst at BIMCO, a trade group for many of the world’s vessel operators. Even if the hike will be largely invisible to end consumers, it’s important to owners, some of whom may end up in financial difficulty if fuel prices stay high, he said.
IMO 2020, as the rule is known, is a global sulfur cap on marine fuel of 0.5%, down from 3.5% in most parts of the world. The Jan. 1 start date was set back in October 2016.
The price surge points to significant support for those refineries that make the new product. Likewise, some shipowners are making fortunes because they invested in kit allowing them to burn the old sulfur-rich variety, which is several hundred dollars a ton cheaper.
Ship Shape
Before the rules took effect, some shipowners plowed billions of dollars into exhaust-gas cleaning systems that prevent the sulfur from being released into the air. The equipment allows their vessels to keep using the old fuel without breaking the rules.
Those who invested appear to be gleaning a competitive advantage because the discount for the old fuel is so big.
Supertankers hauling 2 million barrels earned about $20,000 a day more so far this year if they were fitted with scrubbers, according to data from Clarkson Research Services Ltd., a unit of the world’s largest shipbroker. That’s about $7 million a year in savings if the current market were to continue.
Scrubber investments could pay off in less than a year, according to Richard Matthews, head of research at E.A. Gibson Shipbrokers Ltd.
https://gcaptain.com/shippings-big-bang-sends-two-global-industries-spinning/