Global Trade This Week – Episode 109
What’s going on in Global Trade this Week? Today Trade Geek Pete Mento & Doug Draper of Inland Star Distribution cover:
2:23 -EV Batteries & Chargers are the Limiting Factor?
9:59 -Cardboard Sales Are Down - Why This Matters
14:12 -Halftime
23:59 -What Is Going on with Zim?
28:20 -World Trade Org Statistics!! What They Tell Us
(Link: https://www.wto.org/english/news_e/news23_e/stat_31jul23_e.htm )
-
Keenan Brugh 0:00
You're watching Global Trade This Week with Pete Mento and Doug Draper.
Pete Mento 0:10
Hello, hello, everyone. And welcome to this week's edition of global trade this week. I Pete Neto and my intrepid co host the salt to my vinegar, the the corn chips to my queso, Dre. How are you, buddy?
Doug Draper 0:32
I'm doing great. It's August 1, right? I don't know if we're supposed to timestamp dates on these things right or not. But anyway, it's August 1. It is also we didn't talk about this in the last few minutes. Colorado's birthday 1876 the 38th state entered into the Union. Today is the day so Happy Birthday,
Pete Mento 0:53
Colorado. tetrapods birthday, Colorado.
Doug Draper 0:57
Yeah, I can't do the math in my head real quick to figure out what that is. 148 Maybe 43. Maybe something like, I need Siri to help me out. That's how pathetic we are. nowadays. I don't even it's either Alexa or Siri when it's simple math. And you just don't want to jack with it. You know, Hey, Siri, what's 27 times nine? And what's 27 times nine is 243 240.
Pete Mento 1:22
Siri. It's gonna be like, where am I pills? You know? That? Did I take my pills this morning? So
Doug Draper 1:34
yeah, for sure. So but it's good. It's good to see you, Pete and always loved this show. I was talking to a co worker here at my co working space. And I asked him if he could get out of my booth. And he's like, Yeah, you got your podcast today and blah, blah, blah. And I'm like, step aside, son. We got work to do. So it's good. It'll be good. Good show good halftime. I'm excited about halftime. Pete I think whenever I promote the show on LinkedIn, I'm gonna lead with that because the story is just unbelievable.
Pete Mento 2:03
It is an excellent story. But you know, I'm I'm a little I don't know about halftime. I do it because it makes you happy.
Doug Draper 2:10
Thank you. Yes, yes.
Pete Mento 2:14
But listen, I open the show. So that means that Doug hat will be receiving in the first in the first half. So let's go and run with a buddy.
Doug Draper 2:23
All right, man. So this is related to electric vehicles and our auto industry, and how we've talked about this in previous episodes, about owning the rails. And a lot of that happened during the pandemic, when larger companies were able to just take back things that they had outsourced, so they had greater control in FedEx UPS would be examples of a vertical integrated company with trucks, planes, sports centers, the whole nine yards. And an article I saw this weekend kind of caught my attention, because GM was saying that slow battery production for the machinery is starting to, to delay the rollout of their electric vehicles, right. So part of it is, yeah, we got to make the batteries, but part of it is the machinery that makes the batteries. And I'm not here to talk in depth about batteries. But there's this new generation that's going to be uniform for all of their, all of their models. And so it's super important that one fires up. So my thoughts were is that is the motor industry in the car industry now morphing into a battery production company where they have so much demand and in so many financial milestones to hit, in order to move forward and commitments they've made with percentages of their fleet that are going to be electrified, are they going to be switching into not only car manufacturers, but battery manufacturers? And it looks like the answer that is yes. And then the other piece of that Pete is again, some things that have been have come on board is the standardization or the universal nature of charging stations, right? So GM recently said, Hey, we're gonna have this plugin that's going to work with all Tesla charging stations across the country. Tesla has about 17,000 of them. And then just shortly thereafter, there was a an article about seven car manufacturers across the world, BMW, GM, Honda, Kia, Mercedes Benz, whatever the company is formerly known as Fiat Chrysler. They're all basically collaborating to try to build 30,000 charging stations. Because the big problem with that Pete and it goes back to my story when I was in Fresno couple months ago, the poor experience I had with getting my my electric rental car recharged. So the point of this one is our car companies slipping into battery manufacturers? And essentially building charging infrastructure? Because demands are requiring it? Right? demands of consumers and expectations with carbon footprint neutrality so, so that that's kind of interesting. The last comment I'll say about this, is that when the electrification allows me to go somewhere every three to 400 miles and juice my car up in about five minutes, and there's a tremendous amount of access to do that. I'm all in for electric vehicles. But until they get to that stage, it's going to be an uphill battle. And I think, do you want to call back from one of our shows about British Petroleum buying travel Centers of America so they can have that access? And build out that infrastructure that's already there. So anyway, it's a two part comment, Pete? Are the car manufacturers getting into battery production and charging stations? Because they just can't support the demand? That's kind of the gist of this topic. And that's what I'm seeing.
Pete Mento 6:07
Well, Doug, I have a lot to say about this. First of all, we know Doug, you hate electric cars, you hate the planet. We know. We know. It's okay. It's alright man. It's okay. We get it. We get it. It's all good. Okay. Second of all, Michelle Woo. The mayor of Boston, yesterday signed into law, a declaration that says that all new city government building projects, all city vehicles must be green by I think it's 2035. So must be electric. And, as you would imagine, response went down party lines, my friend about how people felt about that. But a lot of the questions that came up were, is there going to be interchangeability with the Chargers? Does this mean that? You know, there's not going to be one particular universal charger set? Are we going to have to have different types of charges at every city building at every city? motor pool? How are we going to manage this because there's no standard? One of the things that's driving me crazy right now is that I bought one of these big Z flip phones from Samsung. Yeah, you open it up, and it's fun, but it's just too damn big. So I need something smaller, it's too heavy. I'm waiting for the next iPhone to come out. Because it's going to have the USB C I think it is the universal charger. Just got the same charger as a Samsung, same chargers, everything else. And now we're going to have one universal charging toggle because of European requirements. And that's what I think will eventually happen, Doug, I think you're gonna see interchangeable batteries. I will be very dead. But at some point, I think that the world is going to realize it just like if the battery runs out in a flashlight. You can decide if you want Energizer Duracell or, you know, whatever, Costco brand, but there are interchangeable cells. I think that companies like British Petroleum that own these truckstops are simply going to have convertible cells, you know, you need to what kind we got eight types of cells. Which one is it? which one fits in your car junk? Take it, take it out. That's a long way down the road. So between here and then the the main problem you hear from people about EVs is always cost. Well, that's not so much cost. The second one was it's just not convenient. And I think that the fact that it still remains so inconvenient for so many people years later, is is slowing down sales and adoption. So until we come over this problem of comfortability, I think it's going to be very difficult to get people to buy and sell them.
Doug Draper 8:49
Yeah, yeah, I should have pulled a statistic about how many gas stations there are. In the United States, you got 17,000 Tesla stations. And this call this cooperative wants to build 30,000 So that'd be 47. Right? I better ask Siri that number. But anyway, is there 40 or 47,000 gas stations in the United States? I have no idea but that would give peace of mind to users that they're not going to run out of juice in the middle of Kansas on the high 70
Pete Mento 9:21
If you dug if you ever want to if you ever come visit me in New Hampshire Okay, we're gonna go to the dual Whole Foods Trader Joe's in Bedford New Hampshire. In watch the yummy yoga manies all fight over who gets to gets to park in the Eevee and see them knocking on the window saying Are you done now being all like aggravated angry as they go into get their organic kale. It's awesome to watch. You know me. I'm a I'm an observer of the human condition. So I love that kind of of problem. But yeah, it's it's pretty funny.
Doug Draper 9:56
Good, good. All right, brother. What do you got for your first topic?
Pete Mento 10:00
Yeah, you know, my first topic is one of these things where, speaking of me being an observer of the human condition, I am an economist. And we are more than anything interested in incentives. So why does someone do something? Is it for an incentive or disincentive? And it usually falls in the hands of businesses. So right now, it's not a big incentive to be in the cardboard packaging industry. Why? Well, that's selling a lot of cardboard packaging, cardboard boxes, cardboard packaging, and the associated cardboard, shipping, packaging, rubber, peanuts, plastic, peanuts, all the other things. The sale of these things is way, way, way down. I put this up on LinkedIn today, Doug, but over the same time last year, we're down almost 21% At this point, compared to 2022. And yes, last year was a little crazy when it came to shipping. But we were beginning to see normalcy come back because of inventory problems. Well, now that in a time of year, because of all the peak seasons, when we expect it to start rocketing back, it's going in the exact opposite direction, you're just seeing fewer and fewer people buying cardboard cardboard boxes. It's a great indicator of the world's global landscape. If we're not buying things to put in boxes, not buying boxes to put things in to ship overseas, we're probably going to have lower traffic numbers, we're going to have lower import numbers, we're going to have lower retail sales. And more importantly, it's another great indication of an overabundance of inventory. So this is one of those things that I watch pretty closely. I also watch dwell times on vessels pretty closely with cost of diesel fuel. There's a bunch of weird ones. But yeah, this is pretty clear, clear, pretty clear to cater dogs that things are a lot worse than I think we realize.
Doug Draper 11:55
Yeah, it's funny how, I don't know if indirect indicators would be the right, the right thing. But when when I heard this topic, you were gonna run I immediately thought of aluminum, and the cost of aluminum during the pandemic. And I explained it, it took me a little bit like, why is that and then I was explained to some friends that if you and I and everybody else goes to a bar, and we get our beers, right? Let's say that we drink, I don't know, five beers that night, and everybody and everybody their drinks five, for up and I know that it comes out of one of the options is a keg. So you have a keg of beer serving 50 people, so to speak, well, now all those people can't go to the bar or couldn't go to the bar during the pandemic, but they still want to drink their beer. So they had to buy it in bottles and cans, right? So you needed a huge amount of aluminum to support the same amount of beer that you would get kind of in the keg. So I don't know how many? How many? How many drawers of beer you get out of a keg of 100? Under no idea,
Pete Mento 12:55
buddy. No. So
Doug Draper 12:56
let's just say it's 100. For easy math, you have one keg that supports 100 drinks. Well, now you need 100 cans of aluminum in order to provide people the same amount of booze. And let's just say people were drinking a lot more during the pandemic. So my whole point is that aluminum and the cost of aluminum just shot up in the indicator, you know, was just consumption of alcohol was done at the home versus out in restaurants and bars. So I thought of that whenever you made mention of the corrugated cardboard box box situation.
Pete Mento 13:28
It's not dissimilar when they're all around us these weird consumer indicators that people they just don't pay enough attention to. Selva engagement rings, cost of diamonds on the free market. That's another great one. It's way down. It's another great indicator of consumer confidence. And it used to be used cars. But you know, we've had such a big blip really can't depend on that statistic right now. But there's a ton of them. There's a ton of them. But it was aluminum dog that is a very difficult commodity to get your hands on right now. And in a lot of forms, everything from car manufacturers, aerospace. I mean it goes everywhere. People are just they're running out of it. So it's it's that's a great commodity to watch.
Doug Draper 14:10
Yep, yep. Good. All right. So we have some halftime here. What, of course, Cap logistics puts on the show. Kenan pushes the buttons and turns the levers. We can't thank them enough for that. So, Cap logistics.com for supply chain needs, please reach out to them. So Pete on the halftime you want to roll you want me to go first?
Pete Mento 14:32
I mean, I'll go first because yours is much better than mine. So we'll definitely close on yours. I I have been spending a lot of time in airports with my finger at my nose, which means a lot of Netflix time. And I watched the quarterback series on Netflix. Did you watch it though?
Doug Draper 14:50
No. But on Netflix. Is there an icon of Patrick mahomes on the on the cover?
Pete Mento 14:57
It is Patrick mahomes Yeah, absolutely. Patrick mahomes Mariota and Kirk Cousins that they follow closely through the course of last season, and we already know what happens at the end of the season. So the thing that got me about this show was how much first of all, how much I can get into a sports documentary, it doesn't take much. And then second of all, how likable they all ended up becoming through the course of the show. Really not a Vikings fan, because I'm a Saints fan, but it was kind of hard not to like Kirk Cousins, when all of a sudden died. He's just a solid guy. You know, very, very, very good citizen, tried really hard and just had a bad year. Marcus Mariota, Hawaiian guy just did not work out for him. But they showed all of that. I mean, they show the guy season collapsing. And then him just leading on his family, going back to Hawaii, getting it back together and signing with Philly for next year. But then the Patrick mahomes. You know, he's a really intense young man. I wish my mother was still alive because she was a Red Raider from Texas Tech, she probably have a Patrick mahomes tattoo at this point. But just the, the the way that a whole city and a fan base can rally around one player, and how that one player thrives on it. I could never be a professional athlete. I just couldn't handle that kind of pressure. But to just see him thrive under it and just how well they did all the setbacks that he faced if you're into sports documentaries, yes, it's NFL films. So yes, it's going to be very, you know, skewed. There's not a whole lot of controversy here. Other than his Patrick mahomes, his wife a real pain in the ass or not. And that's for you to decide. But it's just a great watchdog. So if you haven't watched it, I really recommend it.
Doug Draper 16:45
Yeah, I'll pull it up. You made a recommendation on the American Gladiators in that. That was a good one. I thank you for that.
Pete Mento 16:53
It was a good, it's a great one. So that's okay, Doug, you got a great one man, uncork it. Go ahead and let us let's talk about it.
Doug Draper 17:00
All right. So this is about a wedding in March of 2022. That took place here in Colorado in Aspen. And it is an example of how out of touch of fluent people can be, and how first world problems really aren't that? Well, just that the comical nature, first of all problem. So here's the deal. There was a wedding in Aspen. It was a gentleman that spent $2 million on the wedding for his daughter. And it was at the Little Nell hotel, but then they went up to the top of Aspen on the gondolas. That's where the party was in the Shindig. So here's what transpired they flew out a 12 piece band from LA, because there are no 12 piece bands in the state of Colorado. Of course. Yeah, it's kind of weird. It's a fact. There's no 12 piece bands here in Colorado. So little amount, and the sound system up at the top of the mountain didn't work. So there was some delay, and they were having issues or whatever. So it took about, I don't know, 30 or 45 minutes to get that figured out. But that was the catalyst to have delays in the wedding that just cascaded towards towards a complete debacle. Right. So first of all, the delay in getting started cause the food to be a little bit cold, because there wasn't enough ovens or whatever to keep it warm. And then the key thing is that the time in between the courses of the meal had to be short, had to be shrunk. Right. So they basically got their food too soon. Another problem is that Nelly came out to do private concert. And unfortunately, his 15 minutes set had to be cut short. So that yeah, that that kind of sucked.
Pete Mento 18:48
I hope he got to country grammar duck, that's all Yeah. It.
Doug Draper 18:51
It's, it's horrible. And because there's a hard line with when you need to get off of the mountain for any parties. The whole event had to be condensed into a shorter amount of time. Because the hard stop was 11 o'clock, they had to get down. And so the whole thing was a debacle. And the funny thing, is it the guy that put all this on his quote about his $2 million wedding for his daughter. And I have a kicker at the end of this was that it was a day that will live in infamy is what he said about his daughter's wedding. So that basically means Pete, he's comparing Pearl Harbor to his crappy wedding experience on the top of aspen mountain, and then there's been some photos and publications. You look at all the photos. It looks like every single person is having a good time. They're jumping around their smiles, you know, the whole nine yards. So we soon this audio or this audio company for like $80,000 because the wedding was ruined, in which he compared it to a Pearl Harbor, I'm sure if you Google it, you can pull up the story and the pictures. It's unbelievable. And the the the ironic thing, if that's the right use of this word Pete, is that couple is now divorced. And that wedding took place in March of 2022. And it's August of 2023.
Pete Mento 20:18
I love it. The story so much better.
Doug Draper 20:23
I know, that is the kicker. So it's just an example of how out of touch people are that have an insane amount of money. And that first world problems are now compared to, you know, disasters that impacted our company, and the world or company, our country, and the world. As far as the day that will live in infamy. So it's just, I didn't even know, I can't even say any more people.
Pete Mento 20:49
Dug I have so much to say. So I believe I've covered this on the show before I have a very strict no weddings policy, with limited exceptions. So if you invite me to your wedding, I'm probably not going. If you invite me to your kids wedding, I'm probably not going like I'll, I'll send a card in my regrets in a check. Because that's all these kids want. Anyway, they don't know who I am, right? Unless it's someone who's extremely close to me. I'm not going to your wedding. For young people. I say to him all the time. I don't know why you're spending all this money on your wedding, you're probably going to have a couple more anyway. So maybe you should save all this money for this one, and put it toward a house or retirement know, make some some relatively risky investments and some funds and some commodities, I don't know. But don't waste it on a party so that your girl can feel like a princess. It's just silly. Now all that being said with that part, Doug, I am in the midst of having to pay for part of a wedding. So eldest son is getting married a year from now, now two years from now. And we have a small part to play as financially as the parents of the groom. And it's not nearly as bad as it could be. But to just have someone you know, walk up to you and say, I need a whole bunch of cash for a party. It seems a little obnoxious. Now, all that being said, Doug, if I won the mega bucks, if I won, Powerball, I would make parties like that look like a backyard barbecue. And I was 12. It's me. And I fight about this all the time, because I ruin her fantasies about winning the lottery, right? So she'll say, why don't you make this so terrifying and dystopian whenever we talk about the lottery, because I'm like, first thing we're doing is getting security. Very good private security, like, like ex navy seals that bathed in blood, we're going to have a bunch of them and no one goes anywhere ever again. I'm never driving ever again. And if somebody drives me, I'm never wearing pants ever again. I'm wearing shorts, if I'm that rich. But here's one thing for damn positive, Doug. I would throw parties constantly. If I was worth hundreds of millions of dollars. Like Kevin's birthday. I would. I'm telling you right now we would do something outrageous. You know, I would just take him to McDonald's for the sheet cake is wrong McDonald guy. We would we would take him. He's not going to get that Joe. We're going to I would I would like, I'd find out who his favorite band is and haven't played for him. You know, I like Doug, do you and I would be at every J Hawk game like we would do some. Give me that kind of money in a plane. It won't be any one I'm left with. Oh, are we going to have a good time? So I kind of understand. But I would love to meet the young lady who demanded a $2 million. I'm sure she's delightful. Duck. Yes. Yes. So shocked. She wasn't still married, isn't it?
Doug Draper 23:44
Anyway, I had to get that one on. That was not going to be my topic. My real topic is going to be next week. Right. But anyway. So well, let me jump into the purpose of this podcast, which is global trade. And supply chain logistics. So this one you may know. I'm glad I'm bringing this up on the show, because you may know a little bit more about this than I do. But it it it caught me just yesterday, as I was developing, what am I going to talk about today? And I was kind of like what the hell's going on with Zim steamship line? Right. So it just looks like they are just shedding not even assets. They're shutting leases and commitments to vessels that they that they leased like nobody's business, and the CEO is making comments like during the downturn, we're actively managed and rationally rationalizing our fleet and services. But the gist of it I saw is that so they're the 10th largest Steamship Line at least that's what I read 90% of their fleet is is leased compared to other steamship lines, which is about 5052 leases by Zahm have immediately been terminated through mutual oral agreement, those were flipped over to OCL. Oh CL has plenty of volume to throw on there. So it's not like there's no volume in the world market to fill these, these containers. There was a acel of a, like six other leases that apparently kind of didn't go through. But they're actively trying to unload their commitments to to us as they go on. And they're even subletting some of these, these leases. And so it's just, it's crazy, you know, so I jumped on and started looking at the financials and things of that nature about what's going on with them. The only thing I could see that that jumped out is two things beaten, this is a little bit of a naive comment, it's just kind of my initial take after reading it is, number one, it said that a substantial amount of their volume is Trans Pacific. Right. So we know that there's been, you know, there's basically minimal peak season, a lot of their vessels are running between China and the US, where other steamship lines are more diverse, with their routes and their lanes across the world wears them from what I read, was really focused on Chinese imports and in that type of trade. And then another thing, which is more put on your tinfoil hat is that is there something going on that we don't know about? That is right behind the door, that's going to put them in a position where they're going to be sold, have a yellow situation where they're going to go out of business, because there's not a lot of assets there that they own? I don't know, I'm not saying that's gonna happen. But it just struck me as odd that this pretty substantial commentary on that industry has kind of gone under the radar that I've not seen a whole lot. But it seems pretty, potentially damaging to the industry. So anyway, Pete, my question to you is, WTF was zoom?
Pete Mento 26:51
Yeah. I don't think anything nefarious I don't think anything too crazy is going on, I would say that first and foremost, Zim understands its economic reality. And they're taking steps to make themselves as resilient as possible for what could be a long term downturn. And unlike most of the other ocean carriers, they're actually talking about it. And they're publicly doing what they have to do. And they don't have to put his happy face on it. Because everyone sees what's going on. They are very strong in certain parts of the world, they must have a very tight grip on it. Even those parts of the world is doing great. So like any good logistics company, when things get a little weird, little uncomfortable, they're going to fall back on their strengths. And I think you'll find that they'll be doubling down in those areas where they are strong, and maybe reconsidering the places where they're not for the long term. And not finding themselves getting caught financially in a bad situation. So pure speculation, but from the outside looking in, would not surprise me if they were bought at all. But it also would surprise me if they weren't taking the steps we're taking now, given the very uncomfortable realities, we're all facing economically in this business. I thought we're gonna make it a whole show without saying yellow, but we're gonna do it, but it was gonna be one of us.
Doug Draper 28:18
Yeah, fair enough. All right, bring us home. Your last topic, my friend. Yeah. So
Pete Mento 28:22
geeky geek, geek, Geek alert, everyone nerd alert, the World Trade Organization's annual data book came out. And this is a treasure trove of info for Undateable. dorks like me. And it's, it's a deep dive into statistical analysis that we look at practically every year. Everything from demographics, financial growth, investment, direct foreign investment, foreign military sales, it goes I mean, it goes deep into demographics, as well. And there's a couple of things that really caught my eye. And one of them was the unfortunate shifts in demographics in Mexico, we're seeing the aging there that shouldn't be and how there's more work in Mexico than ever before. So we're seeing more people stay in Mexico, the continued migration of people from Central America, into Mexico, and then eventually the US incredible immigration numbers in Canada, how they're just trying to build as big a population as possible while they still can there. And then also the the expected on our end, but apparently ignored by everyone else, global effects of a pandemic and then ensuing financial slowdown and the rebuild, and how the United States really has had one of the more resilient economies throughout the pandemic and coming out of the pandemic. And then some speculation, you know, if it hadn't been for wars in Ukraine, just how much better the world's economy would probably be right now. Regarding as well as probably the relationship between the United States and China By now, so much like World War One man, it's just it's a conflict and a part of the world that most people couldn't find on a map that is happening having a tremendous economic impact on everyone's lives, from inflation, from food insecurity, all the deaths that are going along with it, and then a lack of comfort, and just continued speculation in global markets, because there just is no certainty. So it's a it's an excellent read, for those of you who don't know, what you're going to do with your free time, like now or ever. But yeah, I would absolutely positively Doug, I would, I can't recommend enough getting get a deep dive deep dive on it.
Doug Draper 30:39
I think I'm gonna wait for the movie version, Pete. Because usually the movie is better than the book. When I looked at that thing, it's 138 pages. I was flipping through it on my phone. And I'm just like, graph analytics. It was really hard from this simple kid from Kansas to pull out meaningful data in what that thing had to say. So I'm glad that you kind of summarized it for me, but it would be nice to condense that down in this world of Tiktok. And in reels to just give me the highlights, right, which you have done, thusly. And I appreciate that. But yeah, I couldn't really dive into that. Pete. I was like, 138 pages? No, thank you. I'll just wait and see what Pete has to say about it. You, you had some good perspective, but it didn't give me a whole lot of of anything that I didn't already know, from this show. And the things that we talked about already.
Pete Mento 31:39
You don't know anything without data. So none of us know anything until we have statistics and proof behind it. You've never been able, I think ever to point out the professional differences in his now G quiet as well as you just did. sales guy who's like, yeah, I don't really think I want to spend a lot of time reading the details. I'll just wait for the product guy to explain it all to me a nerd. You know, that was kind of what that was like. And then you know, the last thing I'll say about your reaction is there's there's so much nuance and so much depth. When you actually read the source material, you may find something other people don't find useful. And that's really what I built my career. I dug so yeah, I read all of it. Yeah, I go through all of it. And I know it's sad. I know. It's pathetic. But it's that's how I roll man. You know, I've cobbled together this bizarre career. So thank you for, for humiliating me about that. I really appreciate that, buddy.
Doug Draper 32:36
Yeah, well, somebody's got to do it. And the little example, you just gave about the sales guy looking for the product guy. That's been my life. Since I got in.
Pete Mento 32:47
It works for all you young logistics professionals out there. If you want to be a good salesman, bringing the product people with you, you'll sell a lot more business.
Doug Draper 32:55
Yeah. Good. That's good. Well, Pete, I love this one. This was a good show. We covered a lot of bases on transportation, logistics, global trade many times on this conversation and want to thank cap for putting it all together, Cap logistics.com If you want to check out the services they provide in the logistics space. And yeah, I think that's about it. So happy Colorado Day, everybody here in Colorado. Thank you for listening. We appreciate all of our listeners. And we still have some big news to bring to the table about our show. We haven't talked about that, but we probably maybe should next week. It's coming around the corner. So
Pete Mento 33:32
Doug, booked flights are booked Doug.
Doug Draper 33:36
Oh, good. Good. That's called a teaser. But, but anyway, thank you all for listening. We appreciate it. We wouldn't be here without you. And that is a wrap on another edition of global trade this week. Catch you later my friend.
Transcribed by https://otter.ai