Recovering $20 Billion in lost treasure

SHIPPING NEWS

US, UK Sanction $100M Iranian-Houthi Shipping Plot

On Tuesday, the United States imposed sanctions on Iranian and Houthi leaders, as well as a shipping entity involved in transporting over $100 million worth of Iranian goods to China. Among those sanctioned were Mohammad Reza Falahzadeh, the deputy commander of the Islamic Revolutionary Guard Corps-Qods Force (IRGC-QF), and Ibrahim al-Nashiri, associated with Yemen's Houthi militia. These sanctions, as stated by the Treasury Department, were in response to the Iranian military's provision of weapons and intelligence to the Houthis, facilitating their attacks on international maritime routes in the Red Sea.

The sanctions also targeted Cap Tees Shipping Co., Ltd, a company owning and operating a vessel implicated in the transportation of Iranian commodities intended to financially support the Houthis and the IRGC-QF. The region has seen increased shipping risks due to recurrent drone and missile assaults by the Houthis in the Red Sea and Bab al-Mandab Strait, aimed at backing Palestinians in Gaza. Despite retaliatory actions by U.S. and British forces on Houthi infrastructure, these efforts have not successfully curbed the attacks.

Additionally, the U.S. sanctioned two firms involved in managing a vessel that transported Iranian goods worth over $100 million to Chinese enterprises, acting on behalf of Iran's defense ministry. This operation was conducted in January using the Panamanian-flagged Kohana, owned by Hong Kong's Kohana Company Limited and operated by Marshall Islands-based Iridescent Co Ltd. Concurrently, Britain updated its sanctions list, adding five new entries under its Iran sanctions regime and one under its Yemen sanctions framework, as per a government notice. See article here

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VIDEO OF THE WEEK

The Biggest Nuclear Icebreaker

Embark on a thrilling journey across the Arctic Ocean with the crew, as they navigate through icy waters aboard the nuclear icebreakers '50 Years of Victory' and 'Yamal'. Captured in March 2018, the video showcases the majestic northern lights, encounters with polar bears, and the unique challenges of filming in extreme conditions. It highlights the power of Russia's nuclear icebreaker fleet, an essential tool for Arctic exploration, amidst the stunning backdrop of the Novaya Zemlya archipelago.

GLOBAL TRADE SNIPPETS

Bitcoin price hits $64K as traders anticipate new all-time high. Bitcoin price rallied in excess of 10% to a new 2024 high at $64,000 on Feb. 28. The bulk of this month’s 50% price move is being attributed to investors’ anticipation of the upcoming supply halving event, which is typically followed by strong upside price action.

Apple’s electric car project is dead. After a decade of work, the company is reportedly giving up on its ambitious effort to create an autonomous electric car.

Flexport moves forward with the rollout of Convoy’s technology platform. Three months post-acquiring Convoy's tech and IP, Flexport, a San Francisco-based freight forwarder, has launched the Convoy platform into its services after Convoy closed due to a freight recession.

TRADE NEWS

Colombia Embarks On Historic Quest To Uncover $20 Billion In Treasures

Colombia is embarking on an ambitious underwater journey to explore the San José, a Spanish galleon shipwrecked over 300 years ago. Discovered in 2015, the San José is believed to contain up to $20 billion in treasure, including gold, silver, and emeralds, lost in the Caribbean depths. This exploration, set to commence in the spring, aims to uncover the secrets of what is often referred to as the "holy grail of shipwrecks."

Sunk in 1708 during a battle with an English fleet, the galleon was carrying a vast fortune from the Americas to Spain, including precious metals and jewels in its cargo. The Colombian government, investing $4.5 million in the project for this year, is focusing on archaeological research to document the wreck using advanced underwater robotics, navy ships, and cameras.

The wreck, lying at a depth of 600 meters, has been the center of legal and diplomatic controversies involving Colombia, Spain, and a group of American investors, Sea Search Armada, who claim a large portion of the treasure. Despite these disputes, Colombia is proceeding with the expedition for heritage purposes, emphasizing the historical value of the findings over monetary gain.

The initiative seeks to provide insights into the lives of the 600 individuals aboard the San José before its sinking. According to Colombia's minister of culture, Juan David Correa, the true treasure lies in uncovering the ship's historical narratives, highlighting the expedition's focus on enriching our understanding of the past.

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SHIPWRECK OF THE WEEK ⚓️☠️ 

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