Ölpreis

In 2011 a Goldman Sachs study apparently stated that market speculation had indeed helped drive up the price of oil for consumers. In 2012 U.S. Commodity Futures Trading Commissioner Bart Chilton said, “Using the Goldman Sachs research figure, and multiplying 10 cents times 233.9 million, would mean that theoretically there’s a ‘speculative premium’ of as much as $23.39 a barrel in the price of NYMEX crude oil.” Mr. Chilton has also said that the commodities business is a possible loophole for banks in the U.S.’s new frequently-postponed “Volcker rule” intended to reseparate banking from investment gambling.

Potential oil bottleneck points persist in privately held and/or operated oil infrastructure. Oil traders now own oil refineries. Pipelines are included in the infrastructure large banks have somehow acquired part ownership of. U.S. bank Morgan Stanley invested in the “global oil tanker operator” Heidmar in addition to “fuel chain supply manager” TransMontaigne. An F.A.Z. article described how the world’s three largest oil trading firms, Switzerland-based Gunvor, Vitol and Glencore—”prescient” commodity markets pioneer Marc Rich’s old firm—work today, supposedly on the basis of fast-computer-based price arbitrage rather than speculation. Moving into production, Glencore is now invested in oil wells, coal mines and metals mines, after its late-2012 fusion with Swiss competitor Xstrata.

Apparently a landmark 2003 U.S. Federal Reserve decision allowed U.S. investment banks to start “trading oil cargoes.” In July 2013 the Fed announced it was “reviewing” that decision. Though Fed deregulation may have unleashed the Wall Street side of recent international commodities speculation problems, the Fed probably cannot fix it now without simultaneous coordinated reforms from other regulators around the world.

(ILL prize.)

Schlichtungsstelle für Flugreisende

“Arbitration board for air passengers.” Created on 03 May 2013 by the Bundesrat to support consumers traveling by air. Starting November 2013, passengers in Germany can contact this office to seek information about passenger rights and financial remuneration from airports and airlines after e.g. delayed connections, missed connections and/or lost luggage. What airlines owe passengers after which screwups is also being defined in regulations.

Update on 01 Nov 2013: German air passengers can now contact the Schlichtungsstelle für den öffentlichen Personenverkehr [German Conciliation Body for Public Transport] to start arbitration proceedings in disputes with airlines. German rail, bus and ship passengers already had this right from that office. Costs for the proceedings will be paid by German transport companies; passengers requiring arbitration in a transport dispute will only have to pay their own costs.

The söp’s charming and helpful English page stated,

“A traveller can get help with a complaint about delays and missed connections, train and plane cancellations, damaged or lost luggage, faulty information, tickets and reservations, and/or bad service. The main task of the söp is the out-of-court settlement of individual disputes between travellers and the transport companies. Within this, söp also helps to strengthen the customer satisfaction with the transport company. […]”

“The söp follows a service and practical approach, as intermodal (‘verkehrsträgerübergreifende’) settlement scheme. It is common for travellers to use more than one form of transport (e.g., train to plane), which can take up a lot of time in a dispute by investigating the whole chain of transport, including the responsible contracted partners. With the söp the consumer does not have to deal with the question of responsibility and can, independent from the transport of choice, just deal with one contact person at söp (one-face-to-the-customer-approach).”

(SCHLICHH toongz shtell ah   foor   FLOOG rye zen dah.)

Bugsieren

To tow boats. The world’s (temporarily) largest container ship, the “CMA CGM Marco Polo,” recently sailed into Hamburg with the tide. It had to be turned and moved into place rather quickly before the tidewater receded, and only a quarter of its 16,000-container capacity (in TEU, twenty-foot-equivalent units) could be shifted; advocates for deepening the Elbe river are using the visit as a PR action.

Larger container ships (18,000 TEU) are currently under construction in Korea for Maersk, and will ply the seas in 2013.

(Boog ZEEE ren.)

Triple-E-Klasse

A planned new largest Maersk “Triple E” class of oceangoing container ships, which will be nearly 400 meters long.

(“Triple A” closs eh.)

JadeWeserPort

The Jade-Weser port, which recently opened in Wilhelmshaven. Jointly built by Bremen and Lower Saxony, this is Germany’s only deep-water port (18 meters deep) and will be accessible to giant oceangoing container vessels even at low tide. This is the first entirely planned German port that didn’t grow and accrete for hundreds of years.

The true competition, Rotterdam, has a port that’s 20 meters deep.

(YAH deh VAY zerr PORT.)

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