Dubai airport underwater ⛈️ + Iranian navy seizes container ship 👀

Author

Ben Thompson
April 18, 2024

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Ahoy Friends!! It's been another eventful week in the world of global trade, with everything from chaotic weather to a container ship being captured. Let’s jump into the developments! 🪂

In today’s email:

  • Savage Weather: ⛈️ Dubai airport underwater.

  • Just Do It: ✔️ The rise of Nike and its legendary founder.

  • Vessel Seized: 🚢 Iran captures container ship MSC ARIES.

AIRFREIGHT NEWS

Chaos At Dubai Airport As Storms Flood UAE, Oman

Dubai International Airport, the world's second-busiest, is grappling with severe disruptions due to intense storms impacting the UAE and Oman. The airport reported substantial flooding, prompting advisories for some passengers to avoid travel, and has experienced significant delays and cancellations. Approximately 290 flights were cancelled and 440 were delayed, disrupting travel plans for thousands.

The storms, which are some of the heaviest in recent memory, have not only affected air travel but have also resulted in deadly flash floods in the region. Oman has reported 19 fatalities since the weather turned severe, including a young girl found in Saham. In the UAE, an elderly man died after his vehicle was swept away by floods in Ras al-Khaimah. The National Centre of Meteorology noted that the area of Khatm al-Shakla received a record-breaking 254.8mm of rain in less than 24 hours, a stark contrast to its annual averages.

The floods have left major roadways like Sheikh Zayed Road in Dubai submerged, causing extensive traffic disruptions. Stranded tourists at the airport expressed frustration over the lack of information and assistance. Emirates has paused check-ins, further complicating the situation, with no staff visible to help manage the chaos. Authorities have warned of more storms to come, indicating that recovery efforts could be prolonged.

This severe weather incident highlights the challenges faced by regions unaccustomed to such heavy rainfall and the widespread impact on infrastructure, travel, and safety. The UAE’s extensive cloud seeding program, aiming to enhance rainfall in the arid region, has been scrutinized, though experts believe it did not significantly influence the current weather crisis. More footage here

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VIDEO OF THE WEEK

The Rise of Nike: How One Man Built a Billion-Dollar Brand

Nike, the world’s leading sportswear brand, originated from Phil Knight's vision in 1962 after proposing Japanese shoes could rival established brands in the U.S. His journey began with Onitsuka Tiger, transitioning to creating Nike in 1971, named after the Greek goddess of victory. With innovative products and marketing strategies like "Just Do It," Nike ascended rapidly, dominating globally by 1989.

GLOBAL TRADE SNIPPETS

Iranian navy seizes Israel-linked container ship amid escalating tensions in Middle East. The 25 crew members of the MSC Aries, which was seized by Iran on April 13, are safe, shipping firm MSC reported.

Cocoa bean prices hit record high. Exchange prices for cocoa beans exceeded $11,000 per tonne for the first time in history of trading. The previous historical maximum price for this product was recorded on March 26th, when the price stood at $10,080.

Owner of ship in Baltimore bridge collapse asks cargo owners to help cover salvage costs. The ship’s owner, Singapore-based Grace Ocean Private Ltd., made what’s known in maritime law as a “general average” declaration, which allows a third-party adjuster to determine what each stakeholder should contribute.

Russia predicted to grow faster than all advanced economies including the US says the International Monetary Fund (IMF). Sanctions clearly haven’t worked with the IMF expecting Russia to grow 3.2% this year, significantly more than the UK, France and Germany.

QUICK CLIPS ON “X”

SHIPWRECK OF THE WEEK ⚓️☠️ 

Launched on 1945, the USS Kittiwake served as a Chanticleer-class submarine rescue ship for the U.S. Navy. After a storied career, including significant roles in Cold War operations, it was decommissioned on September 30, 1994. Repurposed as an artificial reef, the Kittiwake was sunk on January 5, 2011, off the coast of Grand Cayman. Now an underwater attraction, it offers a window into naval history and a new habitat for marine life.......... Click to see shipwreck 👀

RECOMMENDED READS

Hangry: A Startup Journey. In "Hangry," Mike Evans recounts founding GrubHub in his bedroom, growing it into a multibillion-dollar empire, and the trials he faced along the way. Overworked and amid personal challenges, he ultimately quit to bike across America, finding balance and new perspectives, only to return to entrepreneurship with renewed ambition.

Million Dollar Weekend:  Noah Kagan, CEO of AppSumo.com, shares his strategy for launching seven-figure businesses in a weekend in "Million Dollar Weekend". Highlighting the unparalleled opportunities for entrepreneurship today, Kagan addresses the common barriers and fears aspiring entrepreneurs face. His straightforward plan involves finding courage, engaging customers, and automating operations to quickly transform ideas into scalable, lucrative businesses.

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