When I reported the Ever Given’s $3.1 billion in insurance might not be enough to cover the fallout from its grounding in the Suez Canal, I missed the mark big-time! What I know now is that when a ship runs aground or containers go overboard, the shipping company can claim “General Average” – i.e. all the shippers share the cost with the carrier. The last time General Average was declared was after the 2018 fire on board the Maersk Honam. After declaring GA, the adjuster fixed the salvage security at 42.5% of cargo value and 11.5% as a GA deposit – this meant a shipper with a cargo worth $100,000 needed to pay a combined deposit of $54,000 to get its cargo released. So, if your cargo is not insured, you can lose it unless you come up with the money to pay the lien.
Another miss – I put too few zeros in the equation: $1.9 Trillion in stimulus is $1,900,000,000,000.00 that is $5,700 per person in the USA.
Trucking-industry added 3,300 jobs from February to March, leaving the sector 33,500 jobs below the level a year ago. Source: U.S. Bureau of Labor Statistics