Pyrpolizer wrote:Paphitis wrote:Pyrpolizer wrote:Paphitis wrote:These are big private companies like RIO TINTO and BHP. Their nettworth is bigger than the entire Cyprus GDP.
The cost of shipping is low compared to their cargo which would run in the tens of millions of dollars.
And these companies make billions in profit every year. They would have been waiting for redeployment to South Korea or Japan.
In the end, Chy-na took most of them and were charged for the wait time by the ship owners. China would be liable for transport costs because they ordered the shipments to begin with.
Or the coal would not be unloaded. When you are desperate, you get done, and at the time, China was having black outs of entire cities.
It just goes to show that when it comes to resources, Australia pretty much controls the lights and can hurt their production by a lot.
Had to Google search this.
Basically the issue was among 3 parties: the Australian mine, the Chinese importer (Mostly private, but some State owned too), and the ship owner. All of them protected by "force majeure" contractual clauses for damages or delays. On the other hand each one having contractual legal obligations. The ships got stranded because they had to deliver the cargo, or else the ship owner would have to pay it's value. In some cases the Australian mine would find another client and come to an agreement with the ship owner for the extra freight, plus an agreement with the Chinese importer to forfeit his own rights... In fact this is what happened with at least one of the ships.
The private Chinese importer pays for delays (demarruges) only when these occur after the ship starts unloading, therefore there's no way anyone of those to have paid anything.
It looks the Chinese's patience towards Australia reached it's limits, so here we are today, Australia looking to find new clients, and the Chinese looking to find new sources. Lose-lose situation.
The Australian Mines are RIO Tinto and BHP. One thing they get right is their contracts. No one has ever seen these companies struggle.
There is no contract in the world that does not include a "force majeure" clause. You think your mine companies are cleverer than the rest of the world?We know that the relationship between Australia and China is not good, just because Australia launched a globally sponsored investigation against China through the United Nations and WHO. A move supported by many countries.
That's not the reason. It's a pile of reasons, predating that.And Sustralia stuck to its guns which makes me feel very proud of my country. Australia really is a country which does enjoy a lot of power and global clout which does not exactly align with the size of our wonderful country
Just like with Djokovic. Australia enforces it’s laws,
In the end, we have the global resources to power the entire planet with Coal, Lithium, Gas, and Uranium Yellow Cake. As such, China is reliant on Australia which is what they found out when they started the trade war and entire cities were being shut down from the electricity grid and their production collapsed causing a global shortage in smart phones and computer chips.
Sure you are lucky to have all those resources, and play the bravado theater of not caring of losing clients, that would cost you 10% of your GDP.And when you have this power, Rio Tinto and BHP can name their price. And you can bet your house they didn’t lose a dime. And neither did the ships, because it’s really no problem ordering the ships to Japan which would have stockpiled it.
Keep on fantasizing, you became an expert.
Pyro, you have absolutely no clue.
You have no idea what these RIO and BHP contracts involve. For all we know, they were probably already paid for before the ships even left Australia. These companies didn't come down in yesterday's shower. You don't know what clauses they have.
Secondly, Australia has been doing very well. Our economy was actually booming and only affected by a chronic labour shortage as unemployment is 3.9%
We are doing better than China and we have power and we don't really care for China at all. In fact the average Aussie wants to MOVE AWAYfrom China.
I'm very blessed to be a passport holder and be able to return back home when I want. It's the luckiest country on the planet. Great health, great infrastructure, great education, and a lkifestyle second to no other country. I'm not saying that because I am biased. I am talking about facts here.
I don't live in Australia atm, but Australians have a lot to be proud of with their Government and country. It's literally a stand up country. It has a lot of power on the world stage, in that it punches well above its weight, is willing to stand up for justice and what is right. It stood up to China, when no other country would, and it held its ground. Only a handful of countries can do such a thing. It enforces its laws, protects its citizenry from overseas threats and it protects its borders and now its entering the nuclear age as well, with the eventual commissioning of Nuclear Powered Submarines which literally make Austraia a regional power.
And Australia does affect your lives in far away Cyprus and it affects your pocket. The trade war has resulted in a global shortage of materials, Iphones, Ipads, Cars, and this resuts in higher prices. Sure it's not all as a result of Australia. Covid is also to blame. But the trade war put China into darkness and forced them to lower their production because they didn't have the energy to meet demand. So you pay more for your computer chips, Iphones and Ipads and more more things and pay a higher price,
So yeh, all this nonsense that Australia will implode was utterly wrong. Australia didn't implode. Australians have not noticed any difference, at all and is still moving forward and also I might add, it's diversifying its markets so that China can not exert power in our country.
We do not care about losing China as a client, which we haven't. They are hooked on our resources and they know it too. They are the drug addicts, and Australia is their dealer.
If you had a Government like ours, Cyprus would be like Dubai.