Container ship blows up approaching Houthi vessel 👀 💣

TRADE NEWS

Ferrari Expands Crypto Payments to Europe

Italian luxury carmaker Ferrari announced on Wednesday that it will start accepting cryptocurrency payments in Europe, following the successful introduction of this payment method in the United States less than a year ago. The move aims to support dealers in addressing the evolving needs of its clients by offering more flexible payment options.

Ferrari's new payment system will include stringent verification of the source of funds and immediate conversion of cryptocurrency payments into traditional currency. This system is set to be implemented by the end of July, enhancing the payment experience for European customers.

"The entry into the European market follows the successful launch of this alternative payment system in the United States less than a year ago," Ferrari stated. "This initiative is designed to better support dealers and meet the growing demands of our clients."

The company's decision to embrace cryptocurrency is seen as a forward-thinking move, reflecting the increasing acceptance of digital currencies in various sectors. Cryptocurrencies, such as Bitcoin, offer an alternative to traditional currencies, operating without centralized financial institutions. While advocates highlight the financial freedom and innovation they bring, cryptocurrencies are also known for their volatility and association with illegal activities due to the anonymity they provide.

Ferrari plans to extend cryptocurrency transactions to other countries within its international dealer network by the end of 2024, where such transactions are legally accepted. This expansion marks a significant step in Ferrari's global strategy, aligning with the broader trend of incorporating digital currencies in mainstream business operations.

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GLOBAL TRADE SNIPPETS

Shifts in Container Rankings: ZIM surpasses Yang Ming, CMA CGM set to overtake Maersk. MSC and ZIM Line are the fastest-growing mainline operators, according to the latest Alphaliner’s report. MSC’s fleet has now crossed the 6 million TEU mark, thanks to aggressive new building orders and recent purchases of second-hand, albeit elderly vessels.

Chinese commodity imports reach new highs. All year there has been a severe mismatch between the doom and gloom headlines surrounding the Chinese economy and the mountains of commodities shifting through the nation’s ports. This dislocation is getting wider with the latest data from broker Braemar showing that in the second quarter China managed to break all records for dry bulk import volumes.

Shipping rates surge in early rush to import goods from asia. Companies concerned that supply-chain disruptions may leave them short-handed for year-end sales started their annual stocking up as early as April, driving maritime rates sky high.

African nations turn to gold to protect against currency losses. Nations from South Sudan, Zimbabwe and Nigeria have either taken steps to shore up their holdings or are considering doing so. The move follows that of central banks in places such as China and India that have accumulated gold to diversify reserves and reduce dependency on the US dollar.

SHIPPING NEWS

Container Crew Destroys Approaching Houthi Vessel

Thrilling footage captures a dramatic confrontation between a container ship's crew and an explosive-laden speedboat. The intense combat sees the crew firing back from the deck as the speedboat reportedly a sea drone used by the Iran-backed Houthi rebel group, approaches rapidly. The Houthi rebels have targeted international shipping in the Red Sea amidst Yemen's civil war.

The recent attack occurred on July 20, 2024, against the Liberian-flagged container ship, MV Pumba. Security personnel onboard fired about two dozen shots from their rifles, successfully detonating the uncrewed surface vessel (USV) just 30 meters from the ship, preventing any significant damage. The video shows the crew's effective response, contrasting with a previous incident involving the MV Tutor, which suffered severe damage from a similar attack.

The Houthi rebels, who have been ramping up their campaign against shipping lanes in the Red Sea, have previously used kamikaze drone boats and missiles. This incident highlights the ongoing threat and the necessity for well-trained security teams onboard commercial vessels. Despite these efforts, attacks have continued, with multiple vessels damaged in recent months, underscoring the persistent maritime security challenges in the region.

In conclusion, the dramatic footage of the MV Pumba incident serves as a stark reminder of the ongoing dangers in the Red Sea and the critical importance of robust maritime security protocols. The effective response by the ship's crew not only prevented potential disaster but also demonstrated the critical role of well-trained security personnel in safeguarding international shipping routes.

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