Carter’s foreign policy toward Cuba, Nicaragua and Haiti left huge marks on South FloridaSince November 2023, Houthi forces in Yemen have conducted over against commercial ships and warships, creating an unprecedented challenge for the maritime industry. This escalation has not only disrupted vital trade routes but also sent ripples through the global economy, affecting everything from shipping costs to consumer prices. Transit through the Suez Canal, a critical chokepoint connecting the Red Sea to the Mediterranean Sea, has plummeted by over compared to the previous year. This has caused the canal’s revenue to decrease by , painting a stark picture of the crisis’s impact on global commerce. The economic ramifications are equally severe. As ships are forced to reroute around the Cape of Good Hope, journey distances are increased, transit times are lengthened, and fuel consumption is boosted. Specifically, this detour adds approximately to shipping journeys, resulting in longer transit times and additional lead times of up to for shipments between Asia and Europe. While military intervention has been the go-to response for such crises, it’s time we considered a more sustainable, market-driven approach to maritime security. The private sector, with its capacity for innovation and efficiency, could offer solutions that are both more effective and economically viable in the long term. These entities have already proven their worth in combating piracy, having been employed by shipping companies. By creating a competitive market for maritime security services, we could drive innovation in threat detection and deterrence while potentially reducing costs through market efficiencies. Insurance companies could play a pivotal role in this market-driven approach. By offering reduced premiums to vessels that implement enhanced security measures, they could create a financial incentive for ships to invest in their own protection. This approach aligns security interests with economic ones, hopefully leading to a more widespread adoption of security measures. The maritime security market, valued at in 2023, is projected to grow to by 2032. This growth potential could attract significant investment in developing advanced technologies for threat detection and response. The collaboration between BlackSky Technology and Spire Global to create a real-time marine tracking service capable of monitoring over worldwide is a perfect example of the potential for the private sector to find innovative solutions in maritime security. Some critics have argued that a private sector solution to the Red Sea Crisis might lead to a fragmented approach to maritime security. However, this concern can be addressed through proper regulation and international cooperation. This approach is not about completely privatizing maritime security, but rather about using the strengths of both public and private sectors. Government oversight and international cooperation remain crucial, but it needs to be complemented by policies that encourage and facilitate private sector involvement in maritime security. The fallout surrounding the Red Sea crisis has shown that a secure maritime domain is essential for global prosperity, and by harnessing the power of the market, we can work towards achieving this goal. It’s time for policymakers and industry leaders to come together and chart a new course for maritime security which embraces the private sector while maintaining the necessary oversight and coordination of governmental bodies. By SchiffGold.com, via Zerohedge.com
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'We owe him a debt of gratitude': Presidents remember Jimmy Carter after death at 100Newcastle football legend Andy Roberts at the wedding of Matildas midfielder Emily van Egmond and Kat Thompson in the Hunter Valley on Friday. Pictures Facebook Matilda's player Emily van Egmond has married fiancee Kat Thompson in the Hunter Valley in front of family, friends, and a host of Matildas teammates, including Sam Kerr. Subscribe now for unlimited access . Login or signup to continue reading All articles from our website The digital version of Today's Paper Breaking news alerts direct to your inbox All articles from the other regional websites in your area Continue Less than four weeks after the Dudley Redhead United Football Club junior became the second-most-capped Matilda in history, van Egmond celebrated her wedding day on Friday, December 27. In attendance was global superstar Kerr along with several Australian teammates, including Steph Catley, Alanna Kennedy, Mackenzie Arnold, Hayley Raso, Clare Polkinghorne and Caitlin Foord. Football legend Andy Roberts, who made 234 national league appearances for Newcastle United and the Newcastle Jets and was a guest at the wedding, shared photos of the day on social media. The happy couple used Roberts' vintage Porsche Speedster for their special day. Roberts told the ACM masthead the Newcastle Herald Kerr was "quite taken" by the wedding car, enquiring about the Porsche Speedster and asking if she could have a sit in the driver's seat, to which he happily obliged. The injured Chelsea striker attended the wedding with pregnant fiancee Kristie Mewes, a United States international who plays for West Ham in English Women's Super League. Kerr posted pictures to Instagram congratulating "the Van Egmonds", including a shot of Roberts' car. Roberts said the wedding was staged in a beautiful setting and guests experienced it all in terms of weather - 41-degree heat and a hail storm. Van Egmond, who has made 153 appearances for the Matildas, played at four World Cups and three Olympics, posted pictures to Instagram earlier in the day at brunch in the Hunter Valley and with Thompson at Newcastle's City Hall. The 31-year-old Newcastle Jets product plays for San Deigo Wave in the United States. Share Facebook Twitter Whatsapp Email Copy Renee Valentine Journalist, Newcastle Herald Renee Valentine is a sports journalist with more than 20 years of experience in Newcastle. She is passionate about increasing the visibility of sportswomen in the media. Got a sports story, email Renee at r.valentine@newcastleherald.com.au Renee Valentine is a sports journalist with more than 20 years of experience in Newcastle. She is passionate about increasing the visibility of sportswomen in the media. Got a sports story, email Renee at r.valentine@newcastleherald.com.au More from Latest News Surface-to-air missile launcher, military medals stolen in break-in 4m ago Sam Kerr in the Hunter Valley as Matilda Emily van Egmond ties the knot 25m ago Star of stage and screen talks self-discovery, healthy ageing, blocking negativity 1hr ago Where to watch the New Year's Eve fireworks around Australia in 2024 2hrs ago Bushfire threat finally eases but warnings to last days 2hrs ago Taylor Swift, Donald Trump, a Royal Tour and Raygun: 2024 Year in Review 2hrs ago