The Paradigm Shift Channel ⏳

The de-industrialisation of Germany 🇩🇪- Part 13:

🔹 An Allianz Trade bankruptcy study shows a sharp increase in German corporate insolvencies in 2H 2023, up 23% 📈 YoY. For 2024, bankruptcies are expected to increase further with a forecast of around 20,260 cases, up 9% YoY.

🔹Bundesbank report shows economy likely in recession for Q1 2024, citing "industry will likely remain in a weak phase".

🔹EU 🇪🇺 industries are struggling, with industrial output falling by 5.7% in Jan. '24 and nearly one million manufacturing jobs lost in the past four years. EU-China relations is in a downward spiral as China 🇨🇳 relies less on Western markets for manufacturing and technology goods.

🔹 Glass manufacturer Ritzenhoff of Hochsauerland declares bankruptcy after 120 years of operation.

🔹205,000 German jobs threatened or lost in 2023 by company insolvencies.

🔹Over 330 years after its foundation, the Koblenz Brewery auctions off its inventory after filing for bankruptcy.

🔹 Kitchen accessories manufacturer M. Westermann of North Rhine-Westphalia, bankrupt after being founded 150 years ago.

🔹 The KaDeWe Group (owner of several of Germany's most iconic high-end department stores) have applied for restructuring under self-administration, a type of bankruptcy filing.

🔹 Mattress manufacturer, the Breckle Group, which has existed since the 1930s is insolvent.

🔹 German firms committed $15.7 billion in capital projects to the U.S. last year, marking a steep rise on 2022’s figure of $5.9 billion.

Previous parts on the de-industrialisation of Germany 🇩🇪:

💠 Part 12- Jan. '24

💠 Part 11- Oct. '23

💠 Part 10 - Sep. '23

💠 Part 9 - Aug. '23

💠 Part 8 - Jun. '23

💠 Part 7 - May '23

💠 Part 6 - Mar '23

💠 Part 5 - Feb. '23

💠 Part 4 - Jan. '23

💠 Part 2 and Part 3 - Nov. '22

💠 Part 1 - Oct. '22

Video Source: Afd in English

🔹Mar. 4th 2024 - The price of gold reached a record high as hopes mount for a US 🇺🇸 rate cut this summer, following weaker-than-expected economic data published last week. The price of the precious metal surged to $2,114 (£1,664) an ounce in the spot market, after steady increases over the past few weeks. The biggest driver of the recent gold surge seems to be its role as a safe haven asset during political and economic uncertainty.

🔹Robust physical buying by central banks and investors in Asia has provided strong support to gold prices. Central bank demand, in particular, is seen as a key factor in sustaining high gold prices, counterbalancing profit-taking by other investors. Central bank net gold purchases totaled 1,037 tons in 2023. That fell just 45 tons short of 2022’s multi-decade record.

🔹China 🇨🇳 was the biggest buyer in 2023. The People’s Bank of China officially reported a 225-ton increase in its gold reserves. Total central bank gold buying in 2022 came in at 1,136 tons. It was the highest level of net purchases on record dating back to 1950, including since the suspension of dollar convertibility into gold in 1971.

🔹The rush to gold by central banks is also driven by countries’ desire to weaken their dependence on the US dollar as a reserve currency, after Washington weaponised the greenback in its sanctions against Russia 🇷🇺. Investors tend to stockpile gold during times of uncertainty, like during recessions or wars, to protect themselves against inflation or depreciating currencies.

Video source: Sean Foo

🔹Turkish 🇹🇷 President T. Erdogan made his first visit (Feb. 14th 2024) to Egypt since 2012 and met his Egyptian 🇪🇬 counterpart Abdel Fattah al-Sisi in Cairo in a big step toward rebuilding relations between the regional powers. The humanitarian tragedy in Gaza topped the agenda of their talks.

🔹Relations between Ankara and Cairo broke down in 2013 after Egypt's then-army chief Sisi led the ouster of the Brotherhood's Mohamed Mursi, an ally of Türkiye who had become Egypt's first democratically elected president the year before. Mursi died in prison in Egypt in 2019. Other senior members of the Muslim Brotherhood are jailed in Egypt or have fled abroad, including to Türkiye. The Brotherhood remains outlawed in Egypt.

🔹The countries mutually appointed ambassadors last year. This month Türkiye said it would provide Egypt with armed drones. Ankara has taken a number of steps to reduce the presence of Muslim Brotherhood leaders in Turkey, one of Egypt’s biggest concerns. Mekameleen satellite channel, an anti-Sisi outlet, ceased broadcasting from Turkey in 2021, and some prominent exiles in Türkiye were asked to reduce their criticism of the Sisi regime.

🔹Türkiye has been busy on asserting itself as a regional power on the diplomatic front through the:

🔸Arab League and the Organization of Islamic Cooperation to build support for Gaza 🇵🇸.

🔸Organization of Turkic States to boost trade and investments.

🔸 St. Petersburg (Russia 🇷🇺) International Gas Forum to become natural gas hub.

🔸meetings with Iran 🇮🇷, Russia and Syria 🇸🇾 to solve the Syrian conflict.

🔸 working on an alternative to replace the Russian payment system MIR after the US threatened Türkiye with sanctions for servicing MIR cards.

Video sources: Aljazeera and Judging Freedom

🔹Poland's 🇵🇱 farmer protests continue this week (Feb. 12th) and has now escalated by them starting a month-long general strike to protest against EU policies. They are demanding measures from both their national gov't and the bloc to combat production cost hikes, reduced profits and unfair competition from non-EU countries. Polish media said there were over 250 blockades across the country.

🔹About 100 farmers 🚜 and 50 cars blocked the approach to Medyka border crossing between Poland and Ukraine 🇺🇦. Polish farmers forcibly pried open Ukrainian trucks crossing into the EU, spilling mounds of grain onto roads near their border. Ukraine calls for Poland to 'punish' grain-spilling farmers. Ukraine's dep. economy minister T. Kachka said Kiev officials see this as a worrying increase in anti-Ukrainian sentiment... that will lead to more xenophobia and political violence.

🔹Farmers demand the protection of their business against cheap/below EU standards grain imports from Ukraine. Farmers have launched over 160 road protests this year with tractors and farm machinery, blocking or slowing traffic as they beeped horns and waved Polish flags.

🔹These protests may force the Polish gov't to execute plans to inspect grain shipments from Ukraine, since the new PM D. Tusk vowed to defend domestic producers against unfair competition. Such new regulations may include publishing a list of companies that have flouted the import ban.

🔹In Sep. 2023, Ukraine filed a complaint at the World Trade Organization against Poland for keeping their borders closed to importing Ukrainian grain after an EU 🇪🇺 restriction expired which previously allowed these countries to ban domestic sales of Ukrainian wheat, maize, rapeseed and sunflower seeds. They however are allowed transit of Ukrainian grain.

Video source: Poland Daily Live

🔹The Central Bank of the UAE 🇦🇪, made history on Jan. 29th 2024 by initiating the first cross-border payment of 50 million dirhams using the UAE's ‘Digital Dirham’ (wholesale CBDC for central/private banks, not yet a retail CBDC for use in transactions by citizens). The UAE made the historic transaction directly to China through the ‘mBridge’ platform. Project mBridge was launched in 2021 by the central monetary authorities of China 🇨🇳, Hong Kong 🇭🇰, Thailand 🇹🇭, and the UAE in collaboration with the Bank for International Settlement.

🔹This is the first non-USD 💵 transactions between the two BRICS nations. One member of the US 🇺🇸 Congress, Rep. M. Waters, of the House Financial Services Committee, expressed concern that the initiative could be used as a cover for evading economic sanctions.

🔹Sheikh Mansour of the UAE Central Bank underscored it's responsibility to promote economic growth to support development initiatives in the country. According to him, this should be achieved by ensuring financial and monetary stability, as well as enhancing the efficiency and adaptability of the financial system.

🔹The UAE, a new BRICS member, is looking for innovative ways to propel the Digital Dirham ahead of the US currency. Furthermore, China encourages developing countries to prioritize their indigenous currencies in trade settlements above the US dollar.

Video source: maneco64

🔹Russia chaired the first meeting of BRICS 🇧🇷🇷🇺🇮🇳🇨🇳🇿🇦 Sherpas under its chairmanship in the bloc. Sherpas and sous-sherpas (junior sherpas) are representatives of the heads of state and government involved in the preparation for this year's upcoming meetings and discuss pressing issues of cooperation. For the first time, representatives of five new members of BRICS, Egypt 🇪🇬, Iran 🇮🇷, UAE 🇦🇪, Saudi Arabia 🇸🇦 and Ethiopia 🇪🇹 participated in such a meeting, which took place on Jan. 30 to Feb. 1 2024.

🔹Russia's Foreign Minister S. Lavrov attended and stated that the BRICS intergovernmental group is not intended to be a new tool of hegemonic imperial diktat in world affairs. He also noted that that "Washington 🇺🇸 and those who control the global monetary and financial system have proven their intractability and undependability."

🔹He also noted that with BRICS accounting for 30% of all land on the planet, 45% of the world population and around a quarter of global exports and possessing huge oil 🛢reserves, "we cannot simply sit and wait or follow in the wake of major historical processes.

🔹Tehran expects the shift to payments in national currencies within BRICS to increase during Russia’s chairmanship. Beijing considers it necessary to use national currencies in payments between BRICS member states Egypt expects Russia’s BRICS chairmanship to allow meeting the challenges in the area of food 🌾 and energy security.

🔹The New Development Bank (BRICS Bank), issued bonds worth 6 billion yuan (about $845 million) on the Chinese interbank bond market to finance sustainable development projects. Up to 100% of the proceeds from their sale can be sent abroad in yuan or converted into other currencies.

Video Source: Firstpost

🔹China Evergrande Group has been ordered to wind up, after a Hong Kong 🇭🇰 High Court approved a petition by creditors to liquidate the world’s most indebted property developer, in the biggest such case seen in the city. Evergrande was ordered to liquidate with more than $300 billion in liabilities, having failed to deliver on a restructuring plan as intended after a court reprieve in December '23.

🔹The decision sets the stage for what is expected to be a drawn-out and complicated process with potential political considerations as investors watch whether the Chinese courts will recognise Hong Kong's ruling, given the many authorities involved. Offshore investors will be focused on how Chinese authorities treat foreign creditors when a company fails.

🔹As most of Evergrande's assets are in mainland China, there are uncertainties about how the creditors can seize the assets and the repayment rank of offshore bondholders, and situation can be even worse for shareholders.

🔹This marks another low for China's real estate market after Evergrande was declared to be in default in 2021 after missing a crucial repayment deadline. The billionaire chair and founder of China’s 🇨🇳 Evergrande Group was being investigated and under police surveillance over suspected “illegal crimes,” in Sept. '23.

🔹In 2020, Beijing brought in new rules to control the amount owed by big real estate developers. The new measures led Evergrande to offer its properties at major discounts to ensure money was coming in to keep the business afloat. Now it is struggling to meet the interest payments on its debts.

Video source: SCMP

🔹Jan. 28th 2024 - Farmer 🚜protests unfolding throughout Europe appeared to be under some form of Western televised media embargo. Over the past week farmer protests have escalated in multiple European countries.

🇩🇪 Germany:
Farmers protest the gov't cost-cutting measures as part of the country's gov't budget for 2024, including removal of farmer fuel subsidies. Highways were blocked due to blockades.

🇵🇱Poland:
Farmers demand the protection of their business against cheap/below EU standards grain imports from Ukraine 🇺🇦. Farmers launched over 160 road protests with tractors and farm machinery, blocking or slowing traffic as they beeped horns and waved Polish flags.

🇷🇴 Romania:
Farmers protest the same issues as Poland (flooding of local markets with cheap/ (in many cases sub-standard) Ukrainian food imports.

🇱🇹 Lithuania:
Farmers protest requirements to restore permanent grasslands (to be uncultivated for more than five years) in order to receive subsidies. Dairy farmers demand the gov't ensure a minimum above-cost price at which processors buy their milk.

🇫🇷 France:
The French gov't dropped plans to gradually reduce state subsidies on agricultural diesel ⛽️ after angry farmers surrounded Paris and still threaten to converge on the capital in their tractors. Yesterday, they blocked a major highway out of Paris. French farmers blocked AP-7 highway linking France and Spain 🇪🇸 with a demonstration at the border protests over low food prices and excessive bureaucracy. Trucks were prohibited crossing from Spain across the border.

🇮🇹 Italy:
Bologna, Frosinone, Latina, Caserta are some of the cities where demonstrations by farmers took place against Europe's agricultural policies, agricultural confederations, banks, and taxes. In Bologna, around a hundred tractors paraded through the streets.

🇧🇪 Belgium:
Farmers protest against a decline in standards of living, falling incomes and competition from cheap imported products, notably from Ukraine.

🔹The International Court of Justice on Friday 26th Jan. issued a series of provisional measures that require Israel to comply with the 1948 Genocide Convention. In a case brought by South Africa 🇿🇦 accusing Israel 🇮🇱of committing genocide in Gaza, the verdict stopped short of ordering Israel to pause or stop its devastating war on Gaza, which has killed more than 26,000 Palestinians 🇵🇸 in the enclave since October 7.

🔹The court itself does not have the power to enforce the interim ruling, or the final verdict it delivers in the case. The ICJ ⚖️ issued six emergency orders to Israel:

💠 Israel must take all possible measures to prevent acts as outlined in Article 2 of the 1948 Genocide Convention.

💠 Israel must ensure its military does not carry out killing of Palestinian civilians, not cause physical or psychological harm to members of that group, not inflict living conditions which are calculated to bring about the end of the existence of a people, and not carry out actions designed to prevent births within that group of people.

💠 Israel must prevent and punish the “direct and public incitement to commit genocide.

💠 Israel must ensure the delivery of basic services and essential humanitarian aid to civilians in Gaza.

💠 Israel must prevent the destruction of evidence of war crimes in Gaza and allow fact-finding missions access.

💠 Israel must submit a report on all steps it has taken to abide by the measures imposed by the court within one month of the judgement.

🔹Israeli PM B. Netanyahu responded to the ICJ ruling by saying; “The vile attempt to deny Israel this fundamental right is blatant discrimination against the Jewish state, and it was justly rejected.” He has also ordered members of his cabinet to refrain from responding to the ruling. In the past 24 hours alone, Israel carried out 21 mass killings, murdering 200 and injuring 370 civilians. So Israel’s message to the Court, and the world at large, is clear.

Video source: Newstalk

The de-industrialisation of Germany 🇩🇪- Part 12:

🔹German industrial production unexpectedly fell for the sixth monthly decline 📉 in a row. The Purchasing Managers' Index for manufacturing continued to contract in Dec. '23, pointing to a larger decline of 2% in Q4 '23.

🔹 The country's bi-annual wholesale indicator declined by 8.2 to 69.4 points in the H2 '23, as this slump, one of the worst in the last 25 years, was driven by the construction sector.

🔹 Up to 40% of German chemical companies will reduce their investments in the country from 2023 to 2024 - Chemical Industry Association (VCI) survey. The sector lost 23% of its production volume within two years.

🔹 Due to the increasing cost of production in Germany, almost 50 fertilizer production facilities 🏭, which formerly relied on Russian 🇷🇺 gas prices, have shut down.

🔹World market leader for grease nipples and machine parts ⚙️, U. H. Ulrichskötter Metallwarenfabrik GmbH, has filed for bankruptcy after almost 100 years in operation.

🔹 Phone co. Gigaset is insolvent after 175 years in business and construction co. Tecklenburg GmbH bankrupt after 146 years of existence.

🔹 Switzerland's 🇨🇭Meyer Burger Technology has announced that it is preparing to shut down its solar module manufacturing facilities in Germany and expanding it's business in the US 🇺🇸.

🔹Last year, Germany’s greenhouse gas emissions fell to 673 million tonnes of CO2, which represents a 46% drop compared to the reference year 1990 – their lowest level since the 1950s.

Previous parts on the de-industrialisation of Germany 🇩🇪:

💠 Part 11- Oct. 23

💠 Part 10 - Sep. '23

💠 Part 9 - Aug. '23

💠 Part 8 - Jun. '23

💠 Part 7 - May '23

💠 Part 6 - Mar '23

💠 Part 5 - Feb. '23

💠 Part 4 - Jan. '23

💠 Part 2 and Part 3 - Nov. '22

💠 Part 1 - Oct. '22

Video Source: Afd in English

🔹 The United States Pentagon has lost track of $1 billion in missiles and other weapons the US 🇺🇸has sent to Ukraine 🇺🇦. According to a redacted report (revealed during the 2nd week of January 2024) from the Defense Department Inspector General, more than $1 billion of a $1.69 billion worth of weapons, including attack drones, night-vision devices, and Javelin anti-tank missiles, that were sent to Ukraine remain "delinquent."

🔹 Germany 🇩🇪 is reportedly unsure of where the massive military assistance it sent to Ukraine ended up in 2023. Der Spiegel quoted a gov't response to an MP claiming there have been “no controls” whatsoever regarding the massive commitment to finance the Ukrainian military. However, the Chancellor Olaf Scholz's party believes that the West should buy more weapons for Ukraine from non-Western countries.

🔹Last summer, French 🇫🇷 police reportedly seized weapons supplied by the West to Ukraine from rioters participating in French riots. Gendarmes found two modified large-calibre rifles from Accuracy International.

🔹In December 2022, the EU dismissed warnings when Nigerian 🇳🇬 President M. Buhari urged heads of neighbouring African states 🇧🇯 🇹🇩 🇳🇪 🇨🇫 to take independent action against Western arms smuggling from Ukraine. Boko Haram & ISIS terrorists in Africa were receiving weapons from Ukraine through the black market.

🔹In October 2022, Finland 🇫🇮 began warning of weapons sent to Ukraine making their way to different countries criminal gangs. USA's CBS retracted a report on Aug 7th, that 70% of weapon deliveries to Ukraine end up in a black hole of corruption. Also a USA-made stinger from Ukraine was detained in Germany.

🔹Way back in July 2022, this channel warned about weapons from NATO countries to Ukraine being purchased on the dark web (pics in original post) at huge discounts. We also drew reference to two Caesar 'https://t.me/TheParadigmShiftChannel/1032?comment=3082' rel='nofollow'>self-propelled howitzers ($7 million each) sold by Ukrainians to Russia 🇷🇺 for $120,000 though an intermediary.

Video Source: Stephen Gardner

🔹Farmers across Germany 🇩🇪 on Monday 8th Jan. continued protests against the gov't’s economic and agricultural policy plans that would see reduced subsidies for the sector. They blocked roads and highways with tractors throughout the country. The plans included subsidy cuts for fuel usage by farmers and tax breaks for farming vehicles.

🔹Germany's 2024 budget plans include significant cuts and limitations to make up for a financing hole worth tens of billions of euros shortly after the constitutional court ruled that a re-allocation of emergency Covid-19 funds to the current budget was unlawful. There is a major structural issue in that German famers 🚜 often can't pass on higher production costs as they do not influence product prices. This forces them to ramp up production and endangers small businesses.

🔹🇩🇪 Vice Chancellor Robert Habeck warns the farmers’ protest could be exploited by far-right groups. Alternative for Germany (AfD Party) criticised Habeck’s comments. Deutsche Bahn’s operations are expected to be disrupted starting Wednesday due to a planned strike.

🔹Highways were blocked due to protests and blockades will continue in coming days as farmers are camping out in Berlin. In Berlin, tractors blasted their horns and blocked the main avenue leading to the Brandenburg Gate . Police said roads and highway slip roads were blocked in multiple locations nationwide, including several border crossings with France.

Video Sources from x.com: 1, 2, 3, 4, 5. Music: Schwarz ist die Sorge

🔹US and EU leaders along with other G7 nations consider a legal theory for confiscation of $300 billion in frozen Russian assets. The US 🇺🇸 gov't cites confiscation as a reprisal for 'injured' Ukraine. This push is driven by the West's difficulty to fund Ukraine. However, legally, economic reprisals are the prerogative of injured states that are at war with Russia. The US and EU 🇪🇺 nations made no official declaration of war against the Russian Federation, making them third parties. Therefore there is no legality in the confiscation of Russian assets by the West.

🔹This is a destabilizing precedent by the West. How can a state seize assets to end a war it is not directly involved in? US and EU leaders are not sure the rest of the world will play along with such plans and are considering plan B, which is seizing the profits accrued from frozen Russian assets. Western politicians are hoping their theory would be "held up internationally in the courts" and widely recognized as legitimate.

🔹Asset seizures, once it’s done, no country would leave its reserves or other assets in the US or the EU. Member states of the EU were considering Italy's anti-mafia type laws as a concept to confiscate sanctioned Russian assets. EU officials are fixed on legalizing illegality by confiscating private property outside the framework of a criminal trial. The EU has been looking into the 'legal' options (non-existent) to confiscate Russia’s 🇷🇺 assets frozen under sanctions.

🔹The EU's action undermines ‘Lex Mercatoria’ (Latin – ‘Merchant Law’). The autonomous legal order ⚖️ of international economic relations for trade & rules for settling disputes. The West has now destroyed, how money & currencies function in relationship to trade & private property rights.

Video Source: Sean Foo

🔹Russia supports India’s candidacy for accession to the UN 🇺🇳Security Council, Russian 🇷🇺 Foreign Minister Sergey Lavrov said after talks with his Indian 🇮🇳 counterpart Subrahmanyam Jaishankar. The Indian FM arrived in Russia on Monday 25th December on a five-day visit.

🔹Russian FM S. Lavrov said, The North - South transport corridor (INSTC) project does not require the 'second wind' and it will be implemented in the near future. Russia and India highlighted a series of steps to cooperate as part of the INSTC. The project is aimed at integrating the transport and information routes of Russia 🇷🇺, Azerbaijan 🇦🇿, Iran 🇮🇷 and India 🇮🇳.

🔹Jaishankar’s working schedule also includes a meeting with Russian Deputy PM and the Minister of Industry and Trade, Denis Manturov. Today he met President V. Putin for discussions. The Indian side also supports the resumption of direct negotiations on the issue of creating a "sovereign, independent and viable State of Palestine 🇵🇸 within safe and internationally recognized borders."

🔹Russia and India signed agreements pertaining to construction of the future power generating units of the Kudankulam nuclear power plant. Russia is ready to launch the production of defense military-purpose goods as part of the "Made in India" program. The bilateral trade 🚢 between both countries is historically high and the trade turnover will be above $50 bln in 2023.

Video source: Hindustan Times

🔹EU officials are working towards forcing Hungarian 🇭🇺PM Viktor Orban to vote for the start of Ukraine's EU accession after Hungary abstained from a recent vote for aid to Ukraine. Last week, Hungary blocked 50 billion euros in EU aid for Ukraine 🇺🇦, just hours after an agreement was reached on starting membership talks. Hungary believes EU funding to Ukraine must not be granted from the EU's budget and that the 26 other members should do a joint loan outside the budget.

🔹Orban said it was unprecedented for the EU to start integration talks with a country at war, adding questions if parts of Ukraine should also be integrated that is now part of the Russian Federation. The EU 🇪🇺 has not provided an “objective analysis” of the possible impacts of Ukraine’s accession.

🔹A day before the vote, the EU commission approved the release of 10 billion euros to Hungary that was frozen by the EU until Hungary enacted judicial reforms. Hungary rejects in the strongest possible terms the political agreement reached on the EU’s new pact on migration and asylum.

🔹In September, Ukraine filed a complaint at the World Trade Organization against Hungary 🇭🇺, Poland 🇵🇱and Slovakia 🇸🇰 who are keeping their borders closed to importing Ukrainian grain. In August, Hungary's FM P. Szijjarto revealed that EU member states are expecting to fund the war in Ukraine for at least another 4 years at a cost of €5 billion per year.

🔹Meanwhile, Hungary would do everything it could during its presidency of the Council of the European Union next year to revamp the customs union between the EU and Türkiye 🇹🇷 as well as support Turkey on the issue of visa liberalisation. Both countries are members of the Organisation of Turkic States.

🔹Shipping liners A.P. Moller-Maersk A/S, CMA CGM, Yang Ming and HMM Co have suspended sailing trough the Red Sea. Vessels due to sail through the southern Red Sea and the Gulf of Aden would be rerouted (bypassing the Suez Canal) around Africa via the Cape of Good Hope.

🔹Container shipping co. 🚢 Hapag Lloyd has paused all of its' ships from entering the Red Sea. BP has suspended gas and oil shipments through the Red Sea amid a surge in attacks on ships in the region from Houthi-controlled areas of Yemen 🇾🇪. The Houthis have asserted that their assault on international shipping is a direct response to Israeli 🇮🇱 strikes inside the Gaza Strip 🇵🇸.

🔹Another oil & gas major, Norway's Equinor has rerouted ships. About 12% of world shipping traffic transits the Suez Canal (the quickest sea route between Asia and Europe) and 4-8% of global LNG cargoes have passed through it in 2023. As much as 8.2 million barrels per day 🛢 of crude oil and oil products traversed the Red Sea over January-November. Qatar, the United States and Russia are the most active shippers of LNG via Suez.

🔹Freight line MSC won't transit the Suez Canal in either direction. Evergreen Marine Co will temporarily suspend Israel import and export services. Taiwanese container shipping line Evergreen and Belgian tanker owner Euronav have halted sails through the Red Sea strait.

🔹The US 🇺🇸 has started “Operation Prosperity Guardian" by bringing together the United Kingdom, Canada, France, Italy, Netherlands, Norway, Seychelles and Spain to deploy navy ships to the region. This effort will fall under the purview of the Combined Maritime Forces — a multinational maritime partnership based in Bahrain.

Video Source: What's Going on With Shipping.

PART 2 - A financial crisis is unfolding in the wind power industry.

🔹Danish 🇩🇰 offshore wind developer Orsted has officially withdrawn from a consortium set to bid on Norwegian offshore wind projects just days after pulling out of two U.S. offshore wind projects. Due to a prioritisation of investments in Orsted's portfolio, it will withdraw from pursuing participation in offshore wind developments in Norway 🇳🇴. Today (Nov.14) Orsted's Chief Financial Officer and Chief Operating Officer stepped down from their posts.

🔹In the US 🇺🇸, the Port of Virginia confirms an estimated $280 million-plus wind-turbine blade manufacturing project was scrapped by the Germany-based Siemens Gamesa Renewable Energy. Today, the German gov't says it is granting a 7.5 billion-euro ($8 billion) loan guarantee to Siemens Energy as part of a 15 billion euro package to help the firm. Siemens Energy shares in Germany 🇩🇪 have been falling over the past weeks due to failing quality controls of their wind turbines but rose today 4% on news of the gov't 'bailout'.

🔹One of Sweden's 🇸🇪 largest wind farms, Markbygden Ett, has applied for reconstruction. The co. (75% Chinese 🇨🇳-owned) signed a very unprofitable agreement to sell electricity to Norwegian 🇳🇴Hydro Energi. The forecast for 2023 is that expenditure far exceeds revenue. Sales are expected to be EUR 40 million with a loss of EUR 52 million. Markbygden wants to terminate the agreement with Hydro Energi.

🔹Scottish politicians have been boasting that Scotland supposedly had 25% of Europe’s offshore energy potential, and it is now revealed to be far lower than estimated. Scotland 🏴󠁧󠁢󠁳󠁣󠁴󠁿 is expected to lose £60bn including billions from the public purse due to 'underselling' of leasing rights for offshore wind.

Part 1 of series - Nov. 1 2023

Video source - CNBC