LNG is booming

LNG capacity to increase by 50%. Buy Birchcliff energy.

LNG demand will add about 10% to U.S. natgas demand in 3 years.

Investing in Santacruz Silver for Zinc

Zinc is an interesting play, you can play this with Santacruz Silver.

For more info on zinc, go here.

Sprott Holdings Update: August 2022

New Sprott report is out: https://www.sec.gov/edgar/browse/?CIK=0001512920

Sprott bought the following: I-80 Gold, Schnitzer Steel, McEwen Mining, Sandstorm Gold, Steel Dynamics.

Sprott sold the following: Hycroft, Microstrategy, Shell, Excellon, Franklin Resources, Gold Fields, Sibanye, Wheaton, Equinox, Mag Silver.

 

Zinc Vs. Natural Gas

Zinc is very energy intensive and requires natural gas and electricity to be produced.

 

Rainfall Vs. Food Production

Generally rainfall is correlated to food production.

 

Meat Consumption Vs. Real GDP per Capita

Meat consumption rises with real GDP per capita. 

Deforestation Vs. Food Prices

Under Lula's presidency we saw a massive decline in deforestation, which lead to higher food prices. The reason for this being less farms means less food production. Also, farms are getting depleted of nutrients and will need lots of fertilizer to keep them fertile, while the Amazon would have this natural fertile ground already.

5 Commodities to Buy

There are 5 commodities to buy.

Aluminum, zinc, lithium, sugar and fertilizer (natural gas). 

EU Bans Shipments of Fertilizers from Russia

EU shipping companies are prohibited from shipping Russian fertilizer. This is shown in the FAQ published on 10 August 2022.

Summary:

https://www2.deloitte.com/dl/en/pages/legal/articles/handelsbeschraenkungen-sanktionen-embargos-russland-ukraine.html

Guide: https://www.vbb.com/media/Insights_News/Guide_to_the_EU_sanctions_against_Russia_12.04.pdf

Annex XII:

https://eur-lex.europa.eu/eli/reg/2022/576/oj#:~:text=and%20parts%20thereof-,ANNEX%20XXII,-LIST%20OF%20COAL

We already see that Russia fertilizer imports to Brazil have collapsed in August 2022.

Update: The EU has eased it again. https://twitter.com/JavierBlas/status/1572484673070329857

https://finance.ec.europa.eu/system/files/2022-09/faqs-sanctions-russia-listed-goods_en.pdf

List of Correlations

Once in a while I need to post an update on all discovered correlations, we're getting a huge list already. If I only had some software to get automatic updates of these charts...

Positive correlations mean that if one goes up, the other goes up too. Negative correlations mean that if one goes up, the other goes down.

Positive correlations:
1) Silver/Gold premium Vs. Silver/Gold Price  (link 2)
2) Baltic Dry Vs. Industrial Commodities
3) Baltic Dry Vs. Copper
4) Copper Vs. S&P
5) Oil Vs. Dow Jones
6) Agriculture Price Vs. Health of Economy
7) Agriculture/Food (leading indicator) Vs. Fertilizer Price (link 2)
8) CRB Index Vs. Commodity prices (oil, agriculture, metals)
9) MZM velocity Vs. Inflation
10) MZM velocity Vs. 10 year U.S. treasury yield
11) Case-Shiller Index Vs. Housing Market Index
12) Capacity Utilization Vs. Inflation
13) Rhodium Price Vs. Automotive Industry
14) Housing Price Vs. Rise of Wages
15) O-metrix Score Vs. Stock Value
16) Outlay Spending Vs. Hyperinflation
17) Gold Money Index Vs. Gold Price
18) Stock Dividend to Bond Yield ratio Vs. Stock Price
19) War Vs. Silver Price
20) Exchange Rate Vs. Treasury Bond Valuation
21) PMI Vs. GDP Growth Rate
22) Gold Lease Rate Vs. Gold Price (link2) (link3) (link4)
23) Economy of Australia/Canada Vs. Industrial Commodities
24) Jim Sinclair's Fed Custodials Vs. Gold Price
25) LCNS silver net short positions Vs. Silver Price
26) ECB Deposit Rate Vs. Euribor and Deposit Facility (Deposit ECB)
27) China Gold Imports from Hong Kong Vs. Gold Price
28) AUD/USD Vs. Iron Ore
29) Chinese yoy GDP growth Vs. Chinese yoy Power Consumption (link 2)
30) Chinese yoy Power Consumption Vs. Chinese yoy Power Production
31) M1 and Gold
32) Obesity Vs. Debt
33) Global Equity Prices Vs. Global EPS revisions
34) Total Public Debt Vs. Interest Payment on Debt
35) U.S. Bond Yields Vs. Interest Payment on Debt
36) Federal Reserve Balance Sheet Vs. S&P
37) Federal Reserve Balance Sheet Vs. Gold Price
38) Balance Sheet Ratio Fed/ECB Vs. EUR/USD 
39) China Manufacturing PMI Vs. Base Metal Prices
40) COMEX stock level Vs. CFTC Open Interest
41) Manufacturing component of Industrial Production Vs. CRB Metals Index
42) Net Short Interest Gold Vs. Gold Price
43) Central Bank Net Gold Buying Vs. Gold Price
44) LCNS silver Vs. Silver Open Interest
45) Bond Yields Vs. Gold Price
46) Gold Miners Bullish Percent Index Vs. GDX
47) Daily Sentiment Index Gold Vs. Gold Price
48) Commercial Net Short Interest Vs. Silver Price
49) Food Stamp Participation Rate Vs. Unemployment Rate
50) Bitcoin Price Vs. Gold Price
51) Credit Expansion Vs. Economic Health (second link)
52) Gold Volatility Vs. Gold Price
53) Total Stock Market Index Vs. GDP
54) Brent Crude Oil Vs. WTI Crude Oil
55) EPS revisions Vs. P/E Ratio
56) Citigroup Surprise Index (CESI) Vs. S&P 
57) EPS revisions Vs. S&P
58) Dow Theory: Dow Jones Transportation Average Vs. Dow Jones Industrial Average
59) Margin Balance Vs. S&P
60) Federal Debt Growth Vs. 10 Year Treasury Yields
61) Fed Funds Rate Vs. 10 Year Treasury Yields
62) Total Central Bank Balance Sheet Vs. Gold Price
63) Large Commercial Short in Copper Vs. Copper Price
64) Bond Yields (<3%) Vs. P/E Ratio
65) ECB Lending (LTRO) Vs. Deposits at Banks
66) Disposable Income Vs. Housing Prices
67) Fixed (conventional) Mortgage Rate Vs. Treasury Yields
68) Adjustable Mortgage Rate Vs. Federal Funds Rate
69) Silver Vs. Bitcoin
70) Open Interest Trend Vs. Price Trend
71) Wage Inflation Vs. Consumer Price Index (CPI)
72) Marginal Cost of Gold Suppliers Vs. Gold Price (link 2)
73) Durable Goods Orders Vs. S&P
74) Gold ETF Trust (GLD) Vs. Gold Price
75) PMI (leading indicator) Vs. S&P Revenues
76) Federal Funds Rate Vs. LIBOR Rate
77) Lumber Price (leading indicator) Vs. Housing
78) Building Permits (leading indicator) Vs. Housing
79) Pending Home Sales Vs. Mortgage Applications
80) Employment-Population Ratio Vs. Real GDP per Capita
81) Trade Surplus/Deficit (leading indicator) Vs. Currency Strength/Weakness
82) German Treasury Yields Vs. U.S. Treasury Yields
83) Consumer Sentiment Index (leading indicator) Vs. S&P 500
84) Bitcoin Price Vs. Bitcoin Users
85) Potemkin Rally Vs. Employment to Population Ratio
86) LME Copper Warehouse Stock Level Vs. Copper Contango
87) Art Price (leading indicator) Vs. CPI
88) Total Credit Market Debt Vs. Dow Jones
89) SGE gold deliveries (leading indicator) Vs. China Gold Imports from Hong Kong (link 2)
90) Retail Sales Vs. Disposable Personal Income Per Capita
91) CRB Index Vs. Emerging Markets
92) Non Farm Payrolls Vs. Job Hires
93) Currency Debasement Vs. High Yielding Assets (Carry Trade) 
94) Deposits over Loans: Excess Reserves 
95) Food Price (leading indicator) Vs. Fertilizer Price
100) Federal Funds Rate Vs. CPI 
101) Full-time Vs. Part-time Workers (Recession) 
102) GLD ETF Vs. COMEX Stock 
103) GDP Growth Rate Vs. 10 Year Bond Yield 
104) Depletion Curve Vs. Price Movement (silver, oil)
105) Managed Money Long and Short Positions (gold and silver) Vs. Gold and Silver Price (link)
106) GDP Vs. Trade Balance 
107) Smart Money Flow Index (leading indicator) Vs. Dow Jones 
108) Bank Deposits Vs. Deposit Rates 
109) GOFO rate Vs. Gold Price (link 2)
110) Federal Reserve Asset Purchases Vs. Bond Yields 
111) Currency Vs. Bonds 
112) Retail Sales (leading indicator) Vs. Consumer Price Index (CPI)
113) Stock Buyback Vs. S&P 
114) Yen USD/JPY Carry Trade Vs. Gold (link 2)
115) Yen USD/JPY Carry Trade Vs. Stocks 
116) Leading/Coincident/Lagging Indicator Vs. Recession 
117) Gold per Capita Vs. Income per Capita
118) GLD ETF Stock Vs. Total U.S. ETF gold Stock
119) Gold Repatriation Vs. Recession 
120) Dividend Yield Vs. Bond Yield 
121) Misery Index Vs. Gold 
122) Palm Oil (leading indicator) Vs. Soybean Oil Vs. Crude Oil 
123) Junk Bonds Vs. Stock Market 
124) Junk Bonds Vs. Energy Junk Bonds Vs. Oil 
125) P/E Ratio Vs. M/O Age Ratio 
126) Tax Revenues Vs. Stock Markets 
127) Employment to Population Ratio (leading indicator) Vs. Wage Growth
128) Equity Valuation and Annualized Return Vs. Q Ratio (James Tobin)
129) Chapwood Index Vs. CPI 
130) Working Age Population (15-24) Vs. CPI 
131) ISM Manufacturing PMI (leading indicator) Vs. ISM Services PMI 
132) Global FX Reserves Vs. Global Equities 
133) Corporate Loan Charge-Offs and Delinquencies Vs. Federal Funds Rate (leading indicator)
134) Breadth Advance-Decline Line (leading indicator) Vs. Stocks
135) USD/CNY Vs. Crude Oil
136) USD/CNY (leading indicator) Vs. S&P 
137) Corporate Profits (leading indicator) Vs. Employment 
138) Debt to GDP (leading indicator) Vs. Default Rate 
139) African Rand Vs. Silver 
140) GDP Output Gap (leading indicator) Vs. Inflation 
141) Yield Curve (leading indicator) Vs. Coincident Indicator 
142) GDP (leading indicator) Vs. Oil 
143) Credit Risk: LIBOR (leading indicator) Vs. Fed Funds Rate
144) Cross-Asset Correlation Vs. Gold 
145) Quits Rate (leading indicator) Vs. Wage Inflation
146) Rig Count (leading indicator) Vs. Oil Production
147) U.S. Dollar Liquidity Vs. Emerging Market Stocks 
148) Loan Growth Vs. Interest Rates
149) Copper/Gold Ratio Vs. 10 Year Bond Yield 
150) Bond Yields Vs. Unrealized Losses Federal Reserve  (central bank solvency)
151) Trade War Vs. Inflation Vs. GDP
152) Gold/Silver Minus Oil Vs. HUI 
153) Silver Depletion Vs. Silver Production
154) Yield Curve Vs. Net Interest Margin 
155) PPI (leading indicator) Vs. CPI 
156) LIBOR Vs. Jumbo CD  
157) Initial Jobless Claims (leading indicator) Vs. Unemployment Rate 
158) Yield Curve Vs. Net Interest Margin 
159) 3-2 Year Yield (leading indicator) Vs. 2-1 Year Yield
160) Open Interest Vs. Gold Price 
161) 2 Year Yield (leading indicator) Vs. Fed Funds Rate 
162) Gold Vs. Negative Yielding Debt
163) AAA Credit Spread (leading indicator) Vs. Real GDP 
164) Maturity of Debt Vs. Debt to GDP 
165) SHFE Silver Warehouse (leading indicator) Vs. Silver Price 
166) Freights Vs. Real GDP 
167) PSLV Vs. Silver Price
168) Chinese Yuan Vs. Chinese Foreign Exchange Reserves 
169) OECD Leading Index (leading indicator) Vs. S&P Revenue 
170) China Credit Impulse (leading indicator) Vs. China GDP 
171) Credit Card Interest Rate Vs. 10 Year Bond Yield 
172) SOFR Vs. LIBOR 
173) QE Vs. Yield Curve
174) Suicide Rate Vs. Unemployment Rate 
175) Germany IFO Index (leading indicator) Vs. Germany GDP
176) Chinese Yuan Vs. China Errors and Omissions in Balance of Payments
177) NVT/RVT Vs. Bitcoin
178) Yardeni FSMI Vs. S&P
179) Gold Open Interest Vs. Gold Price
180) QE (leading indicator) Vs. PMI 
181) Monetary Base/Money Supply Vs. Gold Reserves 
182) China GDP Vs. Gold Price
183) New Home Price (leading indicator) Vs. Rent CPI 
184) Delinquencies (leading indicator) Vs. Unemployment Rate 
185) Taylor Rule Rate (leading indicator) Vs. Gold Price 
186) Commercial Paper Rates Vs. Repo 
187) Cass Freight Index Vs. Real GDP 
188) PCE Vs. CPI 
189) Profits Before Tax (leading indicator) Vs. Stock Market 
190) Disposable Income Vs. Housing 
191) VIX Vs. Margin Debt Gold Selling
192) LBMA Spot Gold/Silver Vs. COMEX Gold/Silver Futures 
193) Net International Investment Position (NIIP) Vs. Current Account 
194) Debt to GDP Vs. Stagflation 
195) Air Traffic Vs. Oil Vs. Stocks 
196) Air Freight Vs. Trade Balance 
197) Conceptions Vs. GDP
198) Mexican Peso Vs. Silver Price
199) PCE Vs. GDP
200) AUD (leading indicator) Vs. CNY
201) Gold Miner Hedging Vs. Gold Lease Rate
202) Budget Deficit Vs. Gold Price
203) Backwardation in Lease Rate (leading indicator) Vs. Silver Price
204) Silver Margin Hike Vs. Silver Volatility
205) COMEX Deliveries Vs. Gold Price
206) Rhodium (leading indicator) Vs. Palladium

207) VIX Vs. TED Spread

208) Uranium (leading indicator) Vs. Oil

209) GDP Vs. Net Energy Delivered (Thermodynamic Oil Collapse)

210) Dollar Shortage Vs. FX Swaps

211) Market Capitalization Vs. Net Inflow of Money

212) Oil Backwardation (leading indicator) Vs. Oil Price

213) TIPS Vs. Gold

214) Bank Stocks Vs. Yield Curve

215) Bitcoin Vs. Altcoin Vs. Dogecoin (leading indicator) seasonality

216) Product Supplied of Petroleum Products (leading indicator) Vs. Oil Demand

217) Copper (leading indicator) Vs. Iron Ore

218) Commodity Seasonality

219) Iron Ore Vs. Floor Space Under Construction China

220) Vehicle Sales Vs. Platinum/Palladium/Rhodium

221) Government Transfer Payments (leading indicator) Vs. Broad Money Supply M2
222) Bond Yield Vs. CPI

223) Insurance Vs. GDP Per Capita

224) Gold Vs. Gold Miner Bullish Percentage Index (BPGDM)

225) Copper Checklist

226) Gold Checklist

227) Bitcoin Checklist

228) Brave-Butters-Kelley Leading Index

229) Kilian - Zhou Commodity Index Vs. Copper 

230) Baltic Dry Index Vs. Bulk Shipping Rates

231) Shanghai Composite Index Vs. Copper

232) Tin Vs. Semiconductor Sales

233) Birth Rate Vs. CPI Inflation

234) Reserve Balances Vs. IOER

235) 10 Year Break-Even Inflation (leading indicator) Vs. CPI

236) Household Employment (leading indicator) Vs. Non-Farm Payrolls

237) Vehicle Sales Vs. Used Car Price

238) China Power Consumption Vs. Coal Price

239) Treasury General Account (leading indicator) Vs. U.S. Dollar

240) Refined to Scrap Copper Premium Vs. Copper Price

241) Orderbook Vs. Shipping Rates (Baltic Dry Index)

242) Net Income (leading indicator) Vs. Dividend Hike

243) Gold Vs. Debt to GDP

244) Natural Gas Vs. Electricity

245) Zillow Rent Index (leading indicator) Vs. CPI Rent

246) Mannarino Market Risk Indicator Vs. Stocks

247) Mining M&A (leading indicator) Vs. Gold Price

248) Currency in Circulation Vs. Gold/Stocks

249) Rate Hike Vs. Gold

250) Cobalt Vs. Lithium

251) Margin Accounts (leading indicator) Vs. Stocks

252) CAPEX (leading indicator) Vs. Stocks

253) China EV Sales Vs. Lithium Price

254) Energy Vs. Population

255) Natural Gas (leading indicator) Vs. Ammonia Fertilizer Vs. Potash

256) HARPEX Container Rates

257) LBMA Gold Holdings Vs. Gold Price

258) Food Vs. Ammonia

259) Drought Vs. Food

260) Food Vs. Oil

261) Stock/bond Vs. Inflation

262) Eurodollar Futures Vs. Fed Funds Rate

263) Farmland Vs. Fertilizer

264) Railroad Surcharge Vs. Fertilizer

265) Annualized Return Vs. Gold

266) Hurricanes Vs. Oil/Gas

267) India Gold Imports Vs. India Agriculture Exports

268) Food prices Vs. Food Production

269) Oil CAPEX (leading indicator) Vs. Oil Price

270) SPR Vs. Oil Price

271) Gregg Ibendahl Ammonia (leading indicator) Vs. Fertilizer

272) Oil Vs. Gasoline/Diesel

273) Murders Vs. Inflation

274) Temporary Workers (leading indicator) Vs. Stocks

275) Construction (leading indicator) Vs. Housing Price

276) Tanker Supply Demand

Negative correlations:
1) Copper Price Vs. Copper Futures Contango
2) Interest Rates (bond yields >3%) Vs. P/E ratio of gold mines
3) Non-Farm Payrolls Vs. Unemployment Rate
4) Federal Debt Held by Foreigners Vs. U.S. Bond Yields
5) Size of Governments Vs. Their Economies
6) Stocks Vs. U.S. Dollar
7) Silver Stock at CME Vs. Silver Price
8) China Reserve Requirements Vs. Shanghai Real Estate Prices
9) Capacity Utilization (leading indicator) Vs. Unemployment Rate
10) Net Commercial Short Positions Vs. Bond Yields (Alternative Site)
11) Net Non-Commercial Long Positions Vs. Bond Yields
12) % Change in Gold Vs. Real Interest Rates on 10 Year Treasuries 
13) Shanghai Silver Premium Vs. Silver Price
14) Probability of Recession Vs. 10 year - 3 year Yield Spread (link 2)
15) Junk Silver Premium Vs. Silver Price
16) Wage Inflation Vs. Unemployment Rate
17) Initial Unemployment Claims Vs. S&P
18) Gold/Silver Ratio Vs. S&P
19) GLD Flows Vs. Shanghai Gold Premium
20) Unemployment Rate Vs. Real GDP (leading indicator)
21) Mortgage Rates Vs. Mortgage Applications
22) Single Family Housing Starts Vs. Unemployment Rate
23) Tax Revenue Vs. Personal Savings Rate
24) Change in Non-Farm Payrolls Vs. Change in Unemployment Rate
25) Fed Funds Rate Vs. Unemployment Rate
26) Labor Force Participation Rate Vs. Unemployment Rate
27) M1 Money Supply (leading indicator) Vs. CPI
28) GOFO Vs. Gold Premium 
29) Shanghai Silver Inventory Vs. Shanghai Silver Premium 
30) Misery Index Vs. Forward P/E Ratio
31) Flattening Yield Curve Vs. Fed Funds Rate
32) Oil Contango Vs. Oil Price 
33) Business Inventory to Sales Ratio (leading indicator) Vs. GDP Growth 
34) QE (leading indicator) Vs. Deficit 
35) Credit Spread (leading indicator) Vs. S&P  
36) Gold/Silver Ratio Vs. CPI 
37) Temporary Workers Vs. Recession 
38) Stock to Use Ratio Vs. Agriculture Price 
39) Help Wanted Online Ads (leading indicator) Vs. Unemployment Rate
40) Federal debt held by foreigners Vs. 10 Year U.S. Yield 
41) Economic Policy Uncertainty (leading indicator) Vs. GDP Growth 
42) U.S. Treasury Cash Balance Vs. Monetary Base 
43) Gold Price Vs. Gold Production
44) Yield Curve (leading indicator) Vs. VIX
45) Copper/Zinc/Lead Production Vs. Silver Price 
46) Youth Employment Vs. Initial Jobless Claims 
47) Maturity of Debt Vs. Budget Deficit
48) Put/Call Ratio Vs. Stocks
49) Non-Farm Payroll (leading indicator) Vs. Unemployment Rate 
50) Household Durables Good Time to Purchase (leading indicator) Vs. Unemployment Rate 
51) Productivity Vs. Inflation
52) Phillips Curve: Unemployment Vs. Inflation 
53) Palladium/Platinum COMEX Stock Vs. Palladium/Platinum Price 
54) Oil Vs. CCC Junk Bonds
55) Savings-Investments Vs. Housing 
56) COMEX Silver Vs. Silver Price
57) COT Swap Dealers Vs. Gold Price
58) Existing Home Sales Vs. Housing Inventory
59) Oil Inventories Vs. Rig Counts
60) Outstanding Shorts Vs. Stock Price

61) Oil Inventories Vs. Oil Price

62) Bitcoin Vs. U.S. Dollar

63) Bond Yield Vs. Stocks Vs. PE Ratio

64) Credit Card Company Vs. Delinquencies

65) Corporate Tax Rate Vs. Real GDP

66) Rhodium/Palladium ETF Holdings Vs. Rhodium/Palladium Price

67) Copper LME Warehouse Stock Vs. Copper Price

68) Federal Funds Rate Vs. Overnight Reverse Repurchase Agreements (RRP)

69) Bank Loans Vs. QE

70) Triffin Dilemma: U.S. Economy Vs. U.S. Deficit

71) Virus (leading indicator) Vs. Nonfarm Payrolls

72) Balance of Payments: Current Account Vs. Capital Account

73) LBMA Silver Holdings Vs. Silver Price

74) Inflation Vs. Real Estate

75) Foreign Holdings of Debt Vs. Bond Yields

76) Commodities CAPEX Vs. Tech CAPEX

77) Solar Minimum Vs. Crop Food Yield

78) Food Vs. Crop Food Yield

79) Gasoline Vs. Approval Rating

80) China Credit Impulse (leading indicator) Vs. USD

81) Equity Allocation Vs. S&P Equity Return

These are a lot of correlations that you need to monitor on a day to day basis!

Tankers Supply Demand

TANKERS

Tanker rates (and tanker stock prices) depend on supply and demand.

Demand depends on global oil demand and tanker miles.

Russia is exacerbating miles.

Diesel flows from far away.

EU embargo will lift demand 7X on some routes.

Refinery closures in U.S. and Europe need to be supplied by Asia and Middle East as China oil inventories drop and U.S. inventories rise.

Supply depends on tanker orders growth and demolitions.

The orderbook is very low.

Prices are high for ships.

Because shipyards are building other things.

Demolitions are about to surge.

Resulting in lower fleet growth.

Utilization rates are still low, so there is room to grow in tanker rates.

There were zero VLCC orders in 2024.

Oil tankers from Russia are mostly Greek.

But Russia exports are collapsing.

Tanker rates are rising.

The forecasts are good.

Russia oil price cap has increased demand for mid size Aframax tankers.

As Europeans are not buying Russian oil anymore.

Product tankers are in higher demand than crude oil tankers.

On 14-Dec-2022: CEO of Scorpio Tankers forecasts a 5X in tanker rates: 

Frontline tanker rates: https://app.tankersinternational.com/fixtures/id/108638

Starting from 1 Jan 2023 all ships over 5,000 GT require a Carbon Intensity Indicator CII. Those ships with a bad CII rating will have to use SEEMP to come into line, which could damage their operational abilities by having to run at slower speeds. Slower tankers means more tankers needed as global crude oil in transit rises.

Tanker rules are getting more stringent in India.

DRY BULK

Dry bulk is not doing so well as supply is higher than demand.

Grain exports are down as China population is declining.

CONTAINER SHIPS

Lots of container ship deliveries.

Still a lot of containers (update 2024)

High freight rates. 

Due to Red Sea problems.

Cycle:

Shipping companies: