Talk about a small world. For those of you unaware, my main business is a wholesale steel distribution (steel service center). It is funny when you read about this crap in the newspaper or online at the news sites, until you find out the other side of the story.
What the story does not say is that the main cargo on this vessel is Structural Steel Tubing that was produced in Turkey. Normally, it would not be a big deal, but there is a MAJOR SHORTAGE going on nationwide in the steel business. I personally have 6 tractor trailer loads of tubing sitting on this vessel (wholesale value about $150,000.00) and the importer who booked the material has over $10mil of material in limbo until the Coast Guard decides what to do. The material was purchased on futures and if I have to buy the stuff on the spot market(domestic) it will cost us over 30% more :shock:.
To read the whole story from foxnews.com, click HERE