Global Trade This Week – Episode 148

What’s going on in Global Trade this Week? Today Trade Geek Pete Mento & Doug Draper of Inland Star Distribution cover:

2:41 -Parcel & the USPS
8:53 -Capacity Crunches on the Coasts
13:36 -Halftime
20:56 -Cross Branding on Online Returns
24:41 -Depopulation Risks & Consequences
(WSJ article: https://archive.is/hRPLn )




  • Unknown Speaker 0:00

    You're watching global trade this week with Pete mento and Doug Draper.

    Pete Mento 0:10

    Hey, everyone, it's Monday, one o'clock Eastern. You know what that means? Time for global trade this week. I'm Pete manto. And with me as nearly always, it's my good friend and my co host, Doug Draper. Doug. How's it going, buddy?

    Doug Draper 0:24

    Awesome. It's going great. I love it today. It's like you said it's Monday. My daughter just graduated from college yesterday. So I'll talk a little bit about that half time. But yeah, the sun's out supposed to be warm. Jesus. I said, I wouldn't talk about the weather. And you just did.

    Pete Mento 0:41

    You just did. Yeah, it's okay, buddy. Men of a Certain Age. I know. It's true. Men of a Certain Age, or whatever.

    Doug Draper 0:51

    Only. Like when the countdown was happening. Pete It was on number three. And I said I'm not going to talk about the weather. And within five seconds, I'm talking about the weather.

    Pete Mento 1:01

    Kippy homes don't get me started on how glucosamine it could drainers making my hips feel better. Let's not even let's not even get into it, man. You know, let's let's try to keep the old fart stuff to a minimum this week. Yeah,

    Doug Draper 1:13

    well, you're in DC and we were just talking about you heading over on a six hour flight over to Los Angeles. And then Thursday night. Forget your seminar. I'm talking Thursday night. What do you got going on? Karaoke,

    Pete Mento 1:24

    baby. We're, we're gonna do some karaoke. I'm so fired up. I love I love karaoke. Almost as much as I love giving seminars. Doug. So I am fired up and fired up, bro. I can't wait. I'm sorry. I missed everybody. Last week. I was in Maryland and in Pennsylvania on sales calls with their team. And it was great. But I couldn't make couldn't make it this week. As usual. Podcast, Jesus did a you know, passable job. I watch the show passable Haskell job of filling in for me. But you know, youth and exuberance will never overcome old age and treachery. Doug, you know, I'm always going to be a little bit better. It's just all there is to it. I

    Doug Draper 2:06

    love it. Well, Ken did a great job. I love the show was pretty top notch last week. So the fact that you said adequate means that it really was good.

    Pete Mento 2:15

    Didn't say mediocre. I mean, I'm giving them you know, B plus for this one. But I gotta give him something to work toward. Well, Doug, enough of our weather talk and preliminaries. Your your first weeks. What do you got, buddy?

    Doug Draper 2:27

    Yeah. You know, when I was putting these topics together, Pete, I didn't realize that they're both of them are kind of parcel centric. Right. And I think they start there. But it's a bigger theme around these two. So parcel and the United States Postal Service. I talk about that a lot. And my tone is going to change a little bit today. Pete Not all the way. But a little bit of the way. Right. So I saw something last week. That said the post office is considering changes, right? I use air quotes with that, of where package consolidators can inject their volume into the USPS network. Now, now, the majority of it is dumped into what's called the DDU, the destination delivery unit. So that's the furthest to the end customer. Right? So FedEx, UPS and DHL does some consolidation. Let's control it, they control it as far as they possibly can in the supply chain, and then that final mile gets dumped into the destination delivery unit. Well, now the post office same, I don't think we want to clog up that final little location in the in the system, we need you to interject it further upstream, right. So there's like a destinations sectional facility. There's an origin sectional facility. And so the post office is saying, Hey, don't tell it don't give it to us at the DDU give it to us at the sectional level or even further backup, right. And so some folks are all in arms, because of two couple different things. One, the benefit of controlling and all the way to the DDU gives the traceability the control primarily. And you're going to lose control. If you insert it into the postal system, higher up the food, you know the stream. So what happens in the two or three days it takes to go through the USPS system and then pop out for final delivery. So there's concern about delays clogging the system, all that kind of stuff. There's also concerns about price increases. So if the post office says hey, we're actually moving this stuff further through our network than we have in the past, so we need to charge you a little bit more money, right for that. And so there's this, this dynamic of who controls it, and how much is going to be charged by the post office for having that longer control. Right So the one piece that I've heard, which I think is pretty legit, right, which which I've heard is that is this a way for the post office to try to muscle out some of these consolidators and try to create a relationship directly with the the entity that's actually shipping the product? Is there, right? Well, you can't give it to us on this bar, and you got to give it to us in the middle, or even further upstream. Will that create price impacts? Where the post office could go to you the shipper and say, Listen, why don't you just work with us directly. So part of me says, they got some hutzpah on that one, man, they're getting it done. They're using some flex, they are making it happen because they have this delivering America network overhaul. Which isn't the same as the network overhaul overhaul they did two years ago, and the one they did three years ago. And the one they did five years ago, is they're always looking to overhaul and come up with some new buzzword. But I gotta give the post office a little bit of credit here, for kind of strong arm and these consolidators, and FedEx and UPS, I'm afraid that they're gonna buckle when the big boys come in and start pushing back. So I think it's still the same old USPS. I do appreciate that they're trying to flex a little bit to take some more control. But ultimately, because this isn't happening yet, they're just quote unquote, considering it. I'm not really sure if it's gonna make a whole lot of difference. So have you heard about this? And do you have any take on, didn't

    Pete Mento 6:35

    hear about it till you brought it up? First of all, Doug, I'm very happy that I'm sitting down. Because it sounded for a moment like you were praising my beloved USPS. So I'm glad I did double check my freschetta Make sure I wasn't drinking. It's still just fresca. I'm just blown away, Doug. I have followed up on it since you sent the topic in. And I think this is part of an ever evolving postal service. And he talked about redoing the network Music Network, things evolve, or they die. And this is part of it, I think, where the Postal Service is grasping onto an opportunity, or all of these 301, you know, minimized or deferred duty opportunities that ecommerce shippers are starting to glom on to, and they see themselves as having a fabulous network that's very fair priced to be able to do this. So we're all gonna sit back now, and see if they seize the opportunity and, you know, correctly make money off of this, if they can find a way to monetize it in the way that it deserves. Or if it'll be another instance of the FedEx, UPS and DHL is of the world doing a better job based on a simple model that that the Postal Service already has.

    Doug Draper 7:45

    Yeah, it'll be interesting. I don't know, they got the handoff coming their way I don't, I don't think things are going to change Pete and two years from now, they'll have another network optimization, yada, yada, yada. And not much will change. But I will give them some kudos, I think they're trying to flex. So

    Pete Mento 8:02

    Doug, you know, people can get better. Yeah, things can change, you can get better. I, I had to send some something to a friend of mine down in Atlanta. And I went to the UPS store that was nearby. And, you know, they wanted $21 to deliver it. Like, that sounds ridiculous. And I went down to the UPS, Department of postal on Sunday afternoon, use the machine and I sent it for like, $9 it's gonna get there the exact same time it would have gotten with UPS, you cannot deny the power of the infrastructure. I know that they have management issues. I know they're not necessarily the best to get along with from a business standpoint. But you cannot deny the infrastructure, my friend.

    Doug Draper 8:41

    Yeah. All right. Listen, you. All right. Yeah. Now just leaving it at that. We got, we got a couple more topics. So we'll just leave that one behind what you got for your first one. Well,

    Pete Mento 8:54

    as often been discussed by my my venerated partner, the West Coast is having a hell of a revival, as you expected that it would late last year when you started bringing all this up. And all of the trades, you know, general commerce, American shipper, all the trades are pointing to one interesting phenomenon. And that's in a world where imports and exports appear to be limited to what they probably weren't prior to the pandemic. So a good market back before COVID happened. We're beginning to see both shortages of capacity and increases in cost. And that's having a lot to do with a couple of effects. One of them being the fear of appending, East Coast strike. So that's pushing a lot more freight over onto the west coast, the issues that are going on in the Red Sea, that also has something to do with it. But also there appear to be constraints on equipment, there are fewer ships, because of operating costs. So you've got to try to make as much money as they can on as low and operating costs as possible. It's not just the US though, you're also seeing rates increase into Europe. So this is a sign of health, in my opinion. It's a sign of health, and it's a sign of good decisions that are being made by ocean companies to try to make as much money as possible on routes where they can be profitable. This is probably going to be a milestone in the recovery past COVID, where we'll begin to understand what high cost rates are going to be for the next few years, and what the low cost rates will be when things are pretty slow. And hopefully, we're seeing a bit of an evolution by the people that manage and run these ocean carriers to try to keep themselves as financially healthy as possible, without just going out and trying to gobble up as much capacity as they can. So I see it as a good thing done, even though it's going to mean things costing more, I think it's a good indication of a healthier global trade. Yeah, yeah.

    Doug Draper 10:39

    Couple things, I think, during the downturn of our industry, right, that the spot market rates were more favorable than contract rates, everybody was trying to play in the spark, the spot market, which is just a downward spiral, right. And I think at some point, it's more like enough is enough work. We need to make some changes. And so the spot market, you just lift that up, right, I think they're gonna lift it up by controlling the capacity, like you said, there's not as much chips into service. And I like how you spent all of that and it sounds very politically correct. But as we've said, this is kind of a mafia, right, and they can do whatever they want. And the spot market is too low. So let's pull some capacity out, let's take advantage of global chaos and some degrees. And let's, let's make sure that second half of 2024 is not going to be the same as the first. So I agree with you without question, I think the ends are the means to the end is a little bit different. Maybe not as, as glamorous as you may think, or politically correct. You got some mafia guys in there. Being way out of line, maybe. But let's just rebound and reset the spot market because it is absolutely insane.

    Pete Mento 12:01

    I've looked at it a little bit differently. Lately, Doug, this came to me about a year ago, I look at the ocean providers more like farmers than and here's why they, they have the ability to to reduce capacity, so they can constrain the amount of supply where necessary, then they can also constrain it and redeploy it, hold on to it in times of need, and they can surge it at times of need, not unlike people in the farming and agricultural industries that are involved in commodities, who may hold grain, they may hold, you know, certain crops, knowing that there's going to be a more expensive time of year to be able to deploy them. The big difference here is that, you know, there's generally not mass collaboration amongst farmers to do so. And that has happened in the past with cooperatives. But it really just has more to do with their ability to constrain capacity. And if it belief that we all have that they collaborate on that. So I think that's where the big differences are like a giant Co Op growing corn, buddy, when you get right down to it. Yeah,

    Doug Draper 13:00

    but it sounds like the premise to a mafia movie that you just described as you're talking about. I'm like, Yeah, that sounds familiar. Probably 1970s. Godfather one, two or three. The other three, right,

    Pete Mento 13:14

    three sucked. Yeah, it was really it was not good at all. Coppola's daughter was in it just not good. Not good twos, the best ones a close second, but it's like one A and one B, in my opinion to the best movies ever made. How dare you stay in the memory of those incredible pieces of cinema? Who do you think you are Don Draper?

    Doug Draper 13:33

    Well, I am a co host of the show that's going to pivot quickly into our halftime which as everybody knows, it's provided and supported by CAP logistics, please visit them at cap logistics.com. And the halftime is also fun because we can talk about whatever the heck we want to talk about. So it is that time. So Pete, you got a good one, buddy. Let it rip. Yeah,

    Pete Mento 13:53

    I love the Tom Brady roast. I just wanted to get it out there. I howled. In my chair. For most of it. There were some parts that were duds. But for the most part, I really loved the roast. I'm a big fan of the concept of organized roasting. Having your friends all get together, getting people together at a table giving folks the microphone and having an opportunity to just positively rip apart a friend of yours. It is a long standing comedic tradition. I particularly like the fact that people all had a good sense of humor. There were some points where things went over the line. There was one where Tom Brady got up and said Don't say it again. But everyone on that Diaz and even people who weren't present, got a good ribbing. And I don't think anyone really got their feelings hurt. I think that's a good thing, Doug, I think you know, comedy is supposed to push boundaries to an art form. It's supposed to make you uncomfortable. And in order to be a part of that you have to be willing to not take things so personally. So I thought it was an excellent, excellent roast and I thought that it might be Hear me out, Doug. It might be a symbol of a turning point in our culture, that maybe we can laugh at ourselves again.

    Doug Draper 15:00

    like you're very optimistic on this show, you know I like that was there you know you got the Dean Martin back in the day when Could you tell when anybody noticeably inebriated

    Pete Mento 15:12

    Oh for the love of God Gronk was plastered. Have you watched it

    Doug Draper 15:16

    Doug? No, I mean I know what you're talking about but I've not I've not watched

    Pete Mento 15:20

    it, give it a watch Gronk grog was clearly hammered. He's he does a shot of vodka or tequila or whatever and spikes it and apparently some woman have like a piece of glass sticking out of her face from it. As as the night went on, and it was a long roast. I think it's been edited down to two and a half hours, but I think it was like three and a half on Windows Live. People were getting liquored up, and probably none more so than the host, Kevin Hart. Who I don't know what he had been on that day, but he was blasted by the time it was over with. So Gronk definitely Edelman definitely, really the football players. They were there to have a good time. So I don't think Tom Brady was he? He was okay. He was funny. He was okay. But no one comes close to what Nikki Glaser did she she's redefining what it means to go up and row somebody. Jeff Ross was fabulous. And I particularly enjoyed when when Bill dollar check got up, because he'll make fun of himself and everybody else. And it's okay. It's okay. Like, I think he's rehabbing his image, Doug, I think he's, he's trying to get cuddly, but the number of jokes about how he didn't have a job about how, you know, no one want to resign him. And he just sat through all of it. It was fabulous.

    Doug Draper 16:30

    Oh, I'm off to check it out. So good. Well, I'm going to jump into it's graduation season, and I just attended my daughter's graduation at the University of Kansas. You and I don't talk about our kids very often. But I've had reason I'm very proud of my daughter and her accomplishments. So graduation, I went back, I also went to school there. So it's my alma mater, and I love the speeches and love the campus vibe, the energy, the joy, the emotion that graduates and parents come, it's like hope springs eternal. I just love it, I had such a good time. A lot of kids, or a lot of guys I went to college with or my or my age, obviously. But my point is that they have kids that are my kids age. And so I got to see him and a lot of remember wins at the bar, where it's like, you remember the time when yada yada yada, and, and everything. So I just had an amazing time this weekend. It was great. And I had not talked about this, but I'm gonna, I'm gonna or not mentioned, my daughter said something to me. And he's and I'm going to read this year, I'm not going to read all of them. But she said lessons I've learned from rowing. And some of them are kind of cliche ish. But I like this one is that you don't, you won't always be chosen. And life goes on. reaction and criticism will come often don't let it wreck you pushing through pain and gaining mental toughness. It feels good to push limits, versus one how to recognize weak weakness, how to recognize weak weak Ness amongst a group and address appropriately. So she's kicking all these quotes out and stuff. And I was just like, she's, she's an amazing individual. I'm so proud of her. And the one thing I think of and I know, you'll know, this one, from semi Sonic where it said every new beginning comes from some other beginnings end. And it's kind of a lyric you've probably heard from that song. But out of that multiple times this week is that yes, it's an end. But there's also a beginning because this beginning came from another end.

    Pete Mento 18:43

    But clearly your daughter is much wiser than you and I were when we graduated from college. I did not have a lot of deep thinking going on. Nope. To get the hell out of casting in Maine. But that's beautiful to hear. And I think you know, as a parent, it must be incredibly edifying and comforting to see that your daughter has her crap together. So that's beautiful to hear, man. I barely remember my graduation date was a blur from undergrad was constant. You know, it was getting up in the morning getting commissioned in the Navy, going to graduation. My My mom was there. My aunt was there. My girlfriend was there like it was it was madness. And then, you know, the next day, it's like it was all over. It was it was very, it was very strange to wake up and realize I'm I'm out of college, you know. And then for graduate school, when I got into Harvard, I it was the same it was a it was a different feeling an entirely different feeling of I'm an adult now this is just a ceremony. I just want my piece of paper thank God I'm done no more paying for my tuition. But when I go back to the yard, I know the tree that I set my chair was next to in the art and I've often gone back and tried to remember that day my mom being there and how proud she was. But for Durham I didn't Go to graduation. You know, Scott got a letter. I was like the end of that. And it just that moment when you're young, you know, you tell young people soak it all up. This may not ever happen again, soak it all up. And I kind of wished that I had that day. And, you know, it's good advice, I suppose. And it's nice to hear your daughter didn't just soak up that day, but it sounds like she's soaked up for years. We're gonna education. So yeah, rats, Doug, you got one more in the in the chamber right. Now,

    Doug Draper 20:27

    we'll graduated last year. So the one in the chambers, kick them out of the nest and move up the steamboat. That's the plan,

    Pete Mento 20:34

    you're going to tell them the address, you're going to keep that secret, so they can't come ruin your empty nest? Well,

    Doug Draper 20:38

    I've tried to keep the address secret, but you got Google and and, and my wife and yada, yada, yada. So I am sure I will see them a lot. But anyway, I'm trying to kick them out.

    Pete Mento 20:52

    Yeah, it happens, buddy. happens. All right, I'm gonna bring us to the next one, pal. All

    Doug Draper 20:57

    right. So again, I had to begin, I said that both of my topics are kind of parcel related. The first one was more about the post office, you know, flexing a little bit and seeing what they can do with their muscle. This one is about cross branding, on online returns. So UPS has this return division called Happy returns. And they just partnered up with forever 21. That's the store right? I'm sure you've shopped there multiple times in your life. And they are allowing happy returns his partner with for over 21 So she in returns can go to for over 21 You can go there and you can drop it off. Kohl's has a similar program with Amazon and with Kohl's you walk in there, you got to walk to the back of the store which is by design, you stand in line not very long, I've done this before, and they got a pretty good operation go and you can literally just hand them your crap, and they'll put it in a bag and, and do whatever and then you get a coupon. And if you use that day, whenever you're there, you can get some discount. So holes did it with success. We'll see if forever 21 how that plays out. But the bottom line on this one that I'll end with is that returns especially with fast fashion, where the price point is just so small, the cost to move it back up, and then return supply chain. And there's all kinds of programs and things out there that are involved with it, that have a great merit and are very valuable. But if you're dealing with a shirt, or whatever that you got for 10 bucks, you've got to keep that in market, once the product is in the market, meaning the local market, you got to keep it there. So I wouldn't be surprised if there's like a pop up store, right where you go into for forever 21. And in the corner is the shin return area. And as they return it, they'll double check it, stick it on the rack, you can get it super cheap, maybe keep it up there for a week, sell whatever you can and then bundle it up and send it back. But I like the idea the creativity of managing returns because it's inevitable. It's going to stick around a long time and it is sure a hard nut to crack. So it can be cost effective, but yet efficient for the consumer. So I love this calls did it and forever 21 is right behind him. And I like it.

    Pete Mento 23:25

    I like this topic a lot, Doug, because it's something I've actually thought a lot about, but I haven't done enough research into I'd be fascinated. And I should have done it today. But this morning got away from me. You might not believe this stuff. But I generally have like a collared shirt. It's time to do the show. Okay, can I change it in my dirtbag outfit? And then I get dressed for work? It's ridiculous. I know. But it's, you know, we have a brand here. But I wanted to look up what percentage of of shoppers when they return something to these places actually buy something there? Is there? Is there any way I mean, with that coupon, that's a great way to be able to tell right because they got that coupon. And now they can they can track who use that coupon. But I returned stuff to Amazon at Whole Foods. So there's one that's pretty convenient. I dropped by a drop it off. But I very rarely do shopping at Whole Foods. It just happens to be easy for me to drop it off there. But now forever 21 I wonder if there'll be I'm sure they will be right tracking sales from people that have come in and done this. It's got to be a great way for for a win win to happen. And I'd love to know if it's probably more of a win for the retail outlet than it is for the company who's getting their returns.

    Doug Draper 24:35

    Yeah, spot on. You're exactly right. Good deal. All right. Bring us home my friend. What's your final topic?

    Pete Mento 24:42

    Oh, well, you know, I'm often I say this in my seminars and I think it's an important piece of anecdotal evidence. I come from big families, you know, big, big Catholic families, big farming families. My grandfather had 12 Brothers and sisters, and in a two bedroom apartment in the north end of Boston. It was it was normal. to have bigger families than what we have today, it was pretty normal, particularly in farming communities in more rural communities to have four or five kids to have three or four or five kids. And today, it simply isn't. Children are an expensive hobby. And having them can be a real financial responsibility, that having too many of them can really, you know, it can, it can ruin your chances of maybe retiring. It's not cheap to have a bunch of kids anymore. And to that, and also you have a lot of women who have very fulfilling careers, and they don't want to leave them necessarily early, or to hit you developing them necessarily early because they want to stay home with the child. And being pregnant puts gaps in their ability to be competitive, it's a real problem that we have with our society. So the Wall Street Journal today put out an article that I've just been hammering for years, that the industrialized economies around the world are in a real serious nosedive. With regards to population, the first one that we got a real look at was Japan, their, their number of babies per woman being born now is hovering at one and may go below one, which means that for every woman that lives in that country, they're currently having less than one child in America, we're below two, right now we're at 1.68, we need to have 2.2 children every year, to make up for the people who pass away in this country. And you can point to basically any any industrialized society, why that's a problem is is that imports and importing are an important part of trade, as are in the case of China, continuing to have children so that they can continue to build their workforce as well as their consumption base, as our population continues to dwindle. And as these major economies continue to have stress with this, it takes on all kinds of problems that come along with it, being able to hold a large standing army as an example. It's pretty big one, the statistics of having geniuses, you know, people that are scientifically gifted, clever, intelligent people going through universities, it's really a math game, the more people you have with these learned PhDs and master's degrees and undergraduate degrees, the more likely you are to have clever ideas thought up. And it looks like we're gonna hit around 500 million people in this country at some point, you know, probably before 2150. And then after that, it's going to begin to serendipitously I mean, drop in a big, big way, where we'll probably be lucky if we ever see 300 million Americans again. So it's a it's a worldwide phenomenon. There's all kinds of factors that are leading to it, but it has a major major drain in the global economy. So companies are doing what they can to try to promote parenthood. You know, having more than two children now, more than one child will get you paid in China, having three will get your really paid. And that's also the case in Japan, where there are entire swaths of their country that are filled with empty houses and empty schools, because people just simply aren't starting families anymore.

    Doug Draper 27:50

    Yeah, that's a heavy topic. And it is definitely global in nature. And I would agree on a percent all the statistics that you hear out there, and you know, we we have kids in that demographic, right. I mean, I've referenced it a lot in the last couple of weeks. But I got a 23 year old and a 21 year old, right, and just seeing how they interact with the opposite sex, what's important to them here and now. And you can't just go from hanging out with your buddies to having kids, there's a process involved, right. And that process is happening later and later. Right. And I think a key thing that you mentioned, is women in the workforce, and, and finding enjoyment and challenge, not just fit with family and kids. So I've seen it firsthand, right? Like when I graduated, and I won't be that old guy. But I talked about whether at the beginning of the show, but you know, I don't know how many guys are married and have kids from their college sweetheart, that were kind of in that mode a couple years out of school. And now I don't see these kids, like that process starts after they're 25 or even into their late 20s or early 30s. So I think it's real, I think there's unintended consequences that we're going to continue to peel the onion back and say, Wow, I didn't realize this was going to happen based on this delay. But it's something to keep an eye out for. And I agree with you 100%.

    Pete Mento 29:15

    Well, you know, I can only speak from my, my ancestors, but it was only a few generations ago. So you're talking maybe 100 years ago, where it was very common for the people in my family and my family to be married at 15 and 16 years old, and to start having families because let's be honest, many of them didn't live past their mid 40s or early 50s. So it was just part of the way things work. And now, you know, I've had the fortune of raising four kids, only one of them, you know, genetically mine, but I think of all of them as mine. And you know from 26 to 18 Not a one of them is even considering anytime soon, having a child. So I know that there are pockets of the country. There are pockets of our society where that isn't the case. But even on farm Now, Doug, farmers don't have big families, they rely on mechanized labor, they rely on automation. And hiring help, because it's actually less expensive than having child. So it is something I'm gonna continue to watch for as long as I can and listen to people a lot smarter than me speculate on what's going to happen next. But I think overall, Doug, it's gonna be a problem that we're going to reap a lot of negativity for centuries because of, yeah, agreed.

    Doug Draper 30:24

    All right. Well, yeah, that kind of wraps us up on this one global trade this week. I'm glad we got it in early before you made your cross country flight. And best to you on Thursday. So the next week show, we'll have to see what your playlist was. And more importantly, the response of the audience to your playlist. So we'll have to see

    Pete Mento 30:44

    that I'm a boy and Tanner, I'm a national treasure and you should know that by now. Yeah.

    Doug Draper 30:48

    Yeah, I agree. Yes, I do know that. And what I also know is that you and I appreciate our listeners for coming every single week to listen to global trade brought to you by CAP logistics, please check out their website cap. logistics.com. Thank you for listening to show. We will catch you next week. Until then, thank you so much. And Pete travelsafe. Thanks,

    Pete Mento 31:08

    buddy. See you next week. All right. Take care.

    Transcribed by https://otter.ai