As the virus rages on shore, merchant seamen are stranded on board
The merchant seamen who keep the world warmed and fed are trapped in floating prisons
“I’M NOT COMFORTABLE in my chair with such a crew,” says the captain of a cargo vessel in the South Atlantic en route from Bermuda to Singapore. He is eight months into a four-month contract, and almost everyone on board has also already worked at least double his contracted time. He hopes Singapore will accept that sailors who have seen almost no one but each other for months pose no infection risk and permit a crew change. If not, some may refuse to keep working. On June 16th an industry-wide agreement to allow emergency contract extensions expired, but that is no guarantee that ports will open up. “Believe me,” he says, “the situation is critical.”
This article appeared in the Finance & economics section of the print edition under the headline “Ninety percent of everything”
Finance & economics June 20th 2020
- The Fed has been supporting markets. Now it must find ways to boost growth
- The successes of the Fed’s dollar-swap lines
- China’s poverty line is not as stingy as commentators think
- The euro area’s stimulus is less stingy than in past crises
- The economics of reparations
- To understand the new wave of small investors, look to China
- As the virus rages on shore, merchant seamen are stranded on board
- New research casts light on the pandemic’s effects on resource allocation
More from Finance & economics
Do tariffs raise inflation?
Usually. But the bigger problem is that they harm economic growth and innovation
European governments struggle to stop rich people from fleeing
Exit taxes are popular, and counter-productive
Saba Capital wages war on underperforming British investment trusts
How many will end up in Boaz Weinstein’s sights?
Has Japan truly escaped low inflation?
Its central bankers are increasingly hopeful
How American bankers dodged the MAGA carnage
The masters of the universe have escaped an anti-globalist revolt
China’s financial system is under brutal pressure
When will something break?