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A move by China to save the planet has delivered a price shock to the global shipping industry just as it was starting to emerge from its worst slump in almost a decade.
China manufacturers make 90 percent of all containers used on ships to carry all manner of finished products and commodities around the world. They're the workhorses of the global economy. As part of their pledge to cut emissions by 70 percent by the end of this year, these companies are coating containers with water-borne paints that release less toxic fumes than oil-based varieties before China starts levying a green tax in January 2018.
It's a noble effort—yet one that's delivered an unintended blow to the shipping industry. About 70 percent of container production capacity in China has been shut down as manufacturers retool their factories to allow for the usage of the new paints, sending prices soaring as much as 69 percent from last year's lows, said Teo Siong Seng, chief executive officer at Singamas Container Holdings Ltd., the world's No. 2 maker.
It's not just the container manufacturers shutting down to retool, but that the new water-based paint takes 20 hours to dry vs. 4 hours for conventional paints.
(Score: 2) by KGIII on Thursday June 29 2017, @05:13AM
They may be talking about smelling the ozone. Prior to some storms, usually thunderstorms, you will have a high count of trioxygens. Those are three oxygen molecules that are bonded together. That only happens in limited conditions.
The smell is different because we're used to a greater number of molecules comprised of two oxygens bonded together. This may be what they speak of.
"So long and thanks for all the fish."