Global Trade This Week – February 14th, 2023
What’s going on in Global Trade this Week? Today Doug Draper of Inland Star Distribution and Trade Geek Pete Mento of Mento LLC cover:
2:32 -LTL Companies' Metrics Trending Down
8:10 - Shippers Asking the FMC to Investigate MSC Over Their $1000 Congestion Fees
14:45 -Halftime
25:14 -CA and TX Freight Markets Going in Different Directions
30:20 -West Coast Port Labor Talks Slowly Continue
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Keenan Brugh 0:00
You're watching Global Trade This Week with Pete Mento and Doug Draper.
Pete Mento 0:09
Hello, everyone and welcome to What is sure to be a heart pounding, adrenaline racing, excitement fueled edition of global trade this week. I'm Pete mento. And with me as always is the brains to my brand. Looks to my charm, Mr. Doug Draper. Doug, you're with us from? I guess we're going to disclose your undisclosed location. Where are you with us from today, Doug?
Doug Draper 0:37
We're so we are truly coast to coast. I am in Fresno, California this week. And it is 6am here. So I got up and we're getting it done. That is the importance of this show. Right? Doesn't matter really what time of day or night it the people need us. The people want us and we are here.
Pete Mento 0:58
It does doesn't matter what time it is where we are geographically. It doesn't matter how debilitating my hangover is. We will always make time for global trade this week. I'm excited. I'm excited. And where are you? What are you attending? So I got all excited for this. We started talking about it. So we're in beautiful Fresno.
Doug Draper 1:16
So World World agriculture trade show is in a small town just south of Fresno and we will have a you know what, maybe I don't know if we can do this. But maybe I'll do some video write a quick little selfie some Tick Tock 10 seconds and maybe we could throw that up next week. But I am I'm stoked. I got these awesome pair of boots and I needed to get them polished up, but not too much. So at the Denver International Airport, but nominal Shoe Shine Terminal B. And I'm like, Listen, I need him shine, but not too much. Don't I don't want to be glass because I need to have some street cred there. So I was gonna bring a fell cowboy hat and my wife, you know, put the kibosh on that. She said that was stupid. But anyway, I got to sit in, I got my gear, not too much. But we'll see what's out there in the ag business for transportation, logistics and warehousing. I'll give you an update on Monday.
Pete Mento 2:14
Like I tell you, Doug, for two guys that talk a lot about technology. We do love us some agriculture, man. We could talk about it all day. But hey, listen, it's global trade this week. And I know you've got a busy day ahead of us. So why don't you kick it off with our first topic, my friend?
Doug Draper 2:31
Yeah, yeah. So we talked a little bit about this, I think it was last week or the week before, but it caught my attention. More earnings reports coming out. And I'm not gonna name any any companies because they may come looking for me or I may miss quote, a little bit. But the underlying theme for a handful of these companies is total tonnage is down, shipment weight is down. piece count is down. And when I'm reading those, I'm like, Yeah, that's that's like evident because we've talked about things moving and supply chain through the supply chain. And all you got to do is look at, you know, at what connector you know, ocean, warehousing trucking final mile, just look at the bubble, you know, it's like, it's like a snake eating its dinner, this massive bump, bubble and the pendulum swings, right? It's like that. When you go on like a bungee cord or something or one of those rides in the amusement park. Like, you just get blown away. And then it pendulum swings back and both of them are a little bit scary. You know, the first one is oh my god, the second one is Oh my God, here it comes. Because you can you know what's going to happen? But, you know, the big picture there Pete is we've talked about the economy runs on goods and services, goods exploded when we were locked up for COVID in our house. You know, I love to use peloton as a classic example how that company just exploded. Right? And whenever COVID started transitioning, instead of a pandemic to an endemic, that's the extent of my medical knowledge right there, Pete But people started doing services. So all the goods that were in route in motion, you know, had to had to go somewhere and people stopped buying. So if you want to talk about earnings for warehousing and distribution companies that have a box, they're crushing it with, you know, full warehouses and you know, it's a seller's market. So as the the transportation entity is like, hey, why don't we have as much freight moving through wires, the weight of the shipments not as great well, it's evident because the explosion of goods has come and gone. But the cool thing is that the resiliency of our industry, they're figuring it out, right? They're adjusting, it just takes quarters or half a year or a year. We're to rebalance with the amazing amount of assets that are out there. But the media loves to talk about it in increments of weeks and days. And so the catastrophe that seems to be underhand, maybe a little bit overblown. So hey, total tonnage down shipment weighed down peace countdown. It's inevitable based on the pendulum swing that we've seen. And our our companies and people, we know, they'll adjust, it'll be fine. And I think that we'll see a resetting middle to end of this year and all will be well, the sky is not falling Chicken Little. I'm not calling you chicken, little Pete.
Pete Mento 5:39
Yeah, buddy. You know, the the great thing about this business is we're we're always trying to find ways to make more profit on what we understand to be a changing environment of trade. So we're going to be investing in automation, we invest in technology, we invest in better processes, we merge, we acquire small players, we're trying always, it's a never ending evolution of who we are, I'd love to give the example of the first time I saw container consolidation. It was a gentleman who I've got to believe would have been leading a Mensa group, somewhere in China. And he had a chalkboard man, but he had a chalkboard in a chalkboard, he had a piece of chalk, and he had a tape measure. And he was figuring out how to load this 20 In Hong Kong, and there was all this freight in front of him. And he's just like measuring stuff. And it's chalkboard. And then that container was like when he was done. And then they put another one in front of him. And he was just rolling out these consolidations one after another, there was no PC in front of him, he never took out a calculator. But eventually, that would get replaced by, you know, Lotus, 123, and then Excel. And then we would have made to suit specific pieces of software that were built by these individual 14 companies. And then eventually ones that were built for other companies who might not have the resources to make their own. And then the the things that we see imports, it just it's an ever evolving thing. So I don't think I was ever more aware, right, of just how, how thirsty, the media was for saying that the sky was falling on this business than when things were going super good. And they kept trying to find something to rip it apart. Now, if you haven't noticed in almost all of these earnings calls, right? They they're saying, but But yes, things are great. But we want to, we want to just, you know, temper expectations. next quarter probably won't be like this quarter, things are slowing down everyone. So if you're expecting us to absolutely destroy you again, settle down, right. The next year or two is going to be a little crazy for us. So they're still gonna make money. There's still going to be plenty of jobs, this industry, but there will be the corrections will continue, as you and I are seeing in this business, and we'll continue to see.
Doug Draper 8:08
Yeah, agreed. All right, tossing it back to you on the other coast. What you got?
Pete Mento 8:13
Well, I talked to I think it was last week about or two weeks ago about the lawsuits that were happening in this business and interesting request for investigation by a company on NSC through the federal Maritime Commission. And you could just see this coming. Right. So Mediterranean shipping company, MSC love you guys, I do not take this as me throwing fuel on the fire. Okay. But they were they've been they've been accused by one particular shipper. And I guess it must have been enough with the FMC got engaged here of levying a fee for congestion $1,000 A container during a period of time when most people would look at the world around us and say why congestion, right? As you just mentioned, so many things that we would look at, as a marker of volume appear to be decreasing. That being the case, why could you justify how could you justify these congestion increases? And you look at that, and you're like, Yeah, okay, and then the shipping companies would say, well, we have taken many of our ships out of service in order to maintain a level of profitability, because we have a financial standard. We don't want to lose money. And also, let's not forget that there are infrastructure instances that are leading us to issues of congestion, not the least of which is a West Coast port that none of you apparently want to use. We've got nothing to do with that. You know, but but you've all decided that you want to use the East Coast ports you want to use Savannah and Charleston and Tampa and New York and New Jersey. Let's go on and on. And you're raising the cost of containers to those ports. A Thank you. Right? And be because you're putting so much more volume through it. Yes, there's congestion? Well, those congestion fees just aren't for the East Coast. Right? They're all over the place. So I can see the argument from both sides. But here's the question I've got, Doug. I'm looking into the future, right, we don't look at just now, first of all, I see more and more of these accusations being put towards the carriers. That's a, because I still firmly believe that there's a lot of companies that now that the power has shifted back to the buyers, you know, like any, any, any market, the buyers back in control, they're going to take their pound of flesh back, and I'm not sure that's the best decision by the way. And then be because the FOMC is in a position of strength because of changes that have happened, they're going to have to use that use that enforcement, they're going to have to create a degree of tension, where they need to make the carrier's aware that they have the ability to hold them accountable without going overboard. So I think they're gonna try to find some position where it doesn't go overboard, they find some way to make it fair. And try to make nice nice between the carriers and the buyers. So I think we're gonna see these things continue. But I don't think it's going to be some bloodbath against carriers. I think that reports of that are probably really overblown carriers have more power than people realize. And they still have to run a business and be profitable.
Doug Draper 11:35
Yeah. Well, to me, it sounds like you just described the mafia P and spoke about that. Yes, yes. So this is what when you do
Pete Mento 11:45
such thing as the mafia, Doug, there's no such thing as the mafia. I
Doug Draper 11:49
just go to Little Italy in Boston, right? where cash is king
Pete Mento 11:53
where my family's from? Yeah. My grandfather told me while he was in prison, there's no such thing as the mafia.
Doug Draper 11:59
So the the one word that when I was checking this one out, is that the FMC said they need the MSc and probably other steamship lines need to justify, yes, the feet. That's a pretty open ended term, I can justify pretty much anything, right. And so the the justification is, tell us why it didn't say you have to stop it, or the enforcement, because they're not US based companies, they can do whatever the hell they want. So the justification will be there, which will give us a chance to ponder and then they'll say, Well, we don't think that justification is right, you need to change this and blah, blah, blah, and out of, in my opinion, the need to maintain Goodwill for future business opportunities. You know, they'll tweak it a little bit. But But anyway, the, you know, the ocean shipping Reform Act that was kicked out last year when, when it was a seller's market. Yeah, you know, it can bring aware of awareness and justification may be the two words that would be most relevant to that. But you know, it's going to be the steamship lines decision, whether they keep it or not, the FMC could bring awareness and ask him to justify, but I agree with you, they're going to back off a little bit, because of the reasons that you outlined. But there's not a whole lot that us can do about to stop it. And, and we'll see how it plays out. But I think the key to have future business and goodwill, for all in the future is the reason that things will pivot, not necessarily because of what the ocean shipping Reform Act had to say,
Pete Mento 13:37
you know, I'll give you one more thing to ponder with this. And again, I think this is not necessarily cut and dried up. If congestion wasn't so bad, you could have used other carriers unless you had contracts and didn't have a choice. So, you know, when when congestion is lower, you chose to put your cargo on that container ship, you could have paid liquidated damages in use someone else? And what if those liquidated damages would have been less? You know, I think that the the, the shippers forget that there are choices out there. And if they're making this decision after the fact that go after these carriers, again, it smacks of a bit of revenge. But in a market where the buyer has more power, it makes it harder for me. Even as a consumer of freight right, I work for a freight forwarder we purchase containers. I'm involved in the procurement process that makes it a little more difficult for me not to bear in mind that these carriers are still a money making enterprise and they still have an expectation by their suppliers, but partly by their their, their shareholders to make money off these things. Right. So that brings us to halftime and my least favorite part of the show.
Doug Draper 14:56
Yeah, so I will I'll jump in here. So my is you and I go off on tangents pretty frequently and have nothing to do with our industry. But this, my halftime is staying put. And they had up to think, you know, I should have thought of a fun little acronym or something for this, but it's the work I did. So you can you can thank for that I should right here right now I should have done something but it is the worst traffic bottlenecks United States for 2020 to 300 locations across the US were analyzed GPS data. Applications. What's that?
Pete Mento 15:32
Do I get to get stuck?
Doug Draper 15:34
Yeah, that is part that that's part of the deal. So I'm just going to throw out some real brief highlights. So for the fifth year in a row, it's in your general vicinity. P is in Fort Lee, New Jersey. So the question is, do you know what the inners intersections are?
Pete Mento 15:53
No, I would have thought of just major cities. I never would have thought Fort Lee,
Doug Draper 15:57
New Jersey. Yeah, I'm not even sure what that is. But there's a lot of trucks. Yeah, yes, it's. So it's i 95. and Sr four state road four is is the most congested intersection for the fifth year in a row. So Something must be going on out there. So some of our listeners can give us some statistics on Fort Lee, New Jersey, that'd be awesome. So here's a couple and this rates relates a little bit to my next topic. So as far as states go, here's some some things so Texas, of the 100 they have 13 bottlenecks. Georgia, believe it or not, has nine, California in New York have seven each. The great state the Centennial State of Colorado, we put three of them up there for listeners in Colorado, I 25. And I 7270. And I 70. And I 25 and 270. So and then the great state of New Hampshire has zero. So you're in a very traffic free zone.
Pete Mento 17:02
No people bug.
Doug Draper 17:06
Exactly. So this is so they didn't. There was another report that they didn't say on this one was the least congested road. In America. Do you know where that is?
Pete Mento 17:16
Maybe like Wyoming or Montana. Maybe?
Doug Draper 17:19
You know why you got it? It is it is a road, right. It's just on the other side, from the Montana Wyoming border. And it's where the Dutton family from Yellowstone shuts off
Pete Mento 17:34
the train station?
Doug Draper 17:37
I don't know it's a big it's a big cliff. And I'm watching Yellowstone right now. So I don't know they've chucked about six or seven bodies off this off this cliff. And they say specifically because there's no sheriff or no accountability. So it was a it was a side note in a special report, Pete But that was brought out. So it's on the Montana Wyoming border. It's an unnamed Street and it's where all the dead bodies lie for the debt and family and Yellowstone.
Pete Mento 18:02
Well, from from Pete Mentos version of worst traffic in the damn country. Number one is going to be Chicago, it's awful. It doesn't matter what time of day doesn't matter where I'm going. It's awful. Number two is going to be LA. Anytime I travel around LA, I'm just mystified at how bad it is out there. And then my friend Mark Sachs will be friend of the show. I know he watches every week, when I come to Denver, you guys will know what I'm talking about. There's a there's a part of when we go downtown when we go past this dog food factory. It just It reeks of kibble. And it seems that we always hit traffic. And I'm convinced Mark does this on purpose. Because you know, it makes me rich, where we have to stop in the truck. Like we're almost at a dead stop. And I have to sit there and inhale kibble fumes. Every time that we come there, New York, New York is bad. But there are times of day that you can get around it. And because there are so many ways in and out of it, you can usually get around it. And Boston is just Boston and it's the roads are so old and so absolutely pointless and illogical that we have really stupid, stupid traffic in Boston. And it's one of these things where New Englanders are both proud of the fact that it's so screwed up. But at the same time, it's a point of endless frustration. I don't know how else to put it, Doug.
Doug Draper 19:29
Yeah. All right. Mr. Menzo. Yours is a good one. So let her rip. Yep.
Pete Mento 19:34
today. We're recording this on Valentine's Day. So Happy Valentine's Day to all you lovers out there. Big shout out to Mrs. Trey geek to me. You're beautiful. I love you and thank you for endlessly putting up with my shenanigans. So we're very fortunate man. Doug, I hope you sent the missus some flowers or did something before you left. I'm sure you forgot. Um, but I'm bringing all this up because in my head you know, in my head, there's I've got these three tiers of holidays. There's like the big holidays that everybody. Everybody celebrates, you know, your religious holidays, your Christian, Jewish and, you know, Muslim holidays everybody celebrates because of their own ethnicities that national holidays like Thanksgiving. We all know that. There's this sort of second tier holidays, which you're going to probably disagree with me here but your St. Patrick's days, your Halloweens right Valentine's Day, certainly, you know, they're important. We all recognize them. We all celebrate them in our own special way. But to me, by the way, Mardi Gras falls into that. It's very regional. And I'm leaving for Mardi Gras today. So I'm very excited next Monday. I believe I'll be able to do the show. We'll see what kind of state I'm in Doug. Just letting everybody know right now. It's a loaded grind next Monday then for Mardi Gras, we'll see what kind of state I'm in. But the tier three holidays are the ones that I get a major kick out of and I'm not talking about like National golden retriever day or national Grilled Cheese Day. Those are silly. I'm talking about days that are actually on the calendar. So you know, you have days like Arbor Day, Flag Day. Gosh, what were the other ones I put down there that were that were on there we have Cinco de Mayo. Excellent, excellent, vaguely racist right holiday that we you know, if you're in Texas in someone's someone's like, Hey, we're gonna celebrate tonight. We're gonna go drink a whole bunch of beers and have tacos and queso and chips are like yeah, it's like Monday, dude. Like, what's the big deal? It's like, like, every night we go out to dinner like Oh, but a Cinco Demayo is like it's cinco whatever. We're just going out and have a Tex Mex settled out. But in New England, that's a big deal. My favorite. third tier holiday is because of a dear friend of mine who's Hawaiian. And it's King Kamehameha Day, which is a holiday. And it celebrates the birthday of King Kamehameha who was the unifier of the islands of Hawaii. And he was there. He was a king and their leader, and a very venerated leader of of that island nation that we not to get too political stole from them. And as a native, Native American, I'm very happy to bring that up every opportunity I get. But it's a beautiful holiday. And it celebrates all things, all things culturally about that wonderful place, and the wonderful people. And my friend Sean, the reason I'm telling this story is I had a holiday ugly sweater party when we lived in Virginia, outside of DC. And he was the only person who did not wear an ugly sweater to our ugly sweater holiday party. So there was probably 40 people there. And my friend Sean is six foot eight Hawaiian, he's enormous. And he stuck out. Well, he always sticks out. But he particularly stuck out that party. And I said because you did not take part in my holiday party. You have to throw a holiday party for a relatively obscure party holiday. I don't care if it's Boxing Day, or Arbor Day, or what have you. And he said, Well, I'm going to have a King Kamehameha Day party. He called me a very derisive term for Caucasian. And I said fine. Okay, whatever. And man, he's thrown one ever since. So ever since then he throws this amazing party where he rose a pig. He has hula dancers and fire dancers come I mean, it's over the top man. And he has all the Hawaiian Foods. And we've who learned how to hula. And you know, we probably drink way too much. And eat a lot of tropical fruits that must cost him a fortune. But it's wonderful. And he goes out of his way, way out of his way to get people into the culture of such a beautiful place. And I love it, dude. Absolutely love can come in at Doug Do you have one? Like I know in Kansas. They take Shrove Tuesday the Pancake Tuesday pretty seriously. Out in Kansas. It's a big one.
Doug Draper 24:11
Yeah. Yeah, I guess there's two of them that came to thought obviously. Festivus it's relatively novel. One. It's awesome. Yeah, yeah. I think people are actually, you know, it was obviously originated Seinfeld and it's classic. And I think people actually get the Festivus pole and feats of strength. So that's kind of a joke, but one that my family celebrates, and I didn't really know what it meant. But St. Nicholas Day, and that's like December 6, there were more presents in my house related to St. Nicholas statement actually on on Christmas and I was like St. Nicholas Dukkha. It's really celebrating the death of Santa Claus. For lack of a better term, and we never told our kids that that's what it was for. So it's honoring the goodness and of St. Nicholas and the things that you brought to this world. So, anyway, death of Santa Claus. That's kind of one of our family favorites sound. That's it. I
Pete Mento 25:10
think we're gonna have to start celebrating that in the show, buddy. All right, well, let's bring it to the next topic, my friend.
Doug Draper 25:18
Yeah, it's kind of related to the congestion thing. But with, with truck traffic and things of that nature. But the question is, we're now in a tale of two states, right? Sta T S, and I'm talking about California, Texas, right? Two largest states in the country for freight. And people are going in different directions. tenders in California, or excuse me, tenders in Texas, since January 2019, to the end of q4, 2020, to 42%, higher as far as truck tenders, moving in and out of the state of Texas, meanwhile, while freight demand in California has dropped 17% from that same time period. So pre pandemic post pandemic. And obviously, COVID has a lot to do with that we spoke about the congestion on the West Coast ports and how, you know, the rise of the second year ports, primarily on the East Coast. And Houston has been a beneficiary. So some of that's COVID related, it'll it'll balance out but once it's swung to one side, and companies have realized they can accommodate their supply chain in other ports, I don't think it's going to swing back as far. So Texas, I think will continue to grow. And the one thing that I think is part of it, but not a significant, while maybe not significant, what's the right word? It's part but I think it can will continue to grow is that nearshoring? What's going on? That concept is really only gained some momentum, at least in the media in the last couple of years with COVID. There is truth to that nearshoring is coming back. But the impact has not felt now it's in the future. But there are companies that have the ability to pivot their supply chain quickly. And they are taking advantage of sourcing more specifically into Mexico. We've we've talked about that a handful of times. So yes, there's some impact with the nearshoring it will continue to be more impactful. But the big picture P is California is losing the Texas. California's loss is Texas, this gain? And I don't think that's going to shift back. In my opinion, really, at any time. You know, it's the Wild West and Texas baby. You don't need motorcycle helmets. And you can basically do what you need to do and move trucks through there quickly. So yeah, let's rock and roll Texas is going to continue to grow California is going to stumble a little bit. I don't think that trend is going to switch anytime soon. And actually, I don't even know I just I fear that I would assume that helmets are optional in the state of Texas. Yeah, there
Pete Mento 27:55
is no Texas there's no helmet law in Texas stuck. And yeah, there are no there are no helmet laws in Texas, I I can say that with first hand knowledge. And I'm a proud Texan. Although I have no intention of ever living there again. It's just not for me, it's too damn hot. But one thing I'll add to that, I think that there's going to be something that makes it even bigger, Doug, and that's when the coming elections, there's a chance, there's a chance that it's actually going to get even more a bigger contributing factor to what you just talked about. But is if we have a change in leadership in the White House, I think that given what's going on in Russia and Ukraine, you're going to see it go even bigger. And the reason for that is I think you're gonna see a continuation of the growth of the oil sands up in Canada, you're gonna see a return to fracking, and a reinvigoration and a reimagination of, of oil exploration in the United States. And with that, you're going to see up the middle of the country, so going, you know, Texas, Louisiana, Arkansas, all the way up to the middle of the country, all the way up. Through most of Canada, you're gonna see that fracking and all those materials, all the everything from sand, and all that equipment, it moves by truck, then it moves by intermodal. And it moves, they move a lot of it. So you're gonna see even more of that stuff. Moving up and down that corridor all the way up through Calgary, and Alberta Winnipeg. And and now I think it's just going to be if we have a change in attitude about that, you're gonna see it, just blow it I mean, blow up is a really bad but you're gonna you're gonna, you know, you're gonna see you're gonna see even more of that happening, going in both directions, because then it's gonna be coming down to Texas, and Louisiana for refining. But you also see some of that coming to California but not nearly as much. So I think you're just gonna see even more of it if we have a change in leadership, which would cause a change in attitude towards exploration and in movement of that stuff. So Doug, I think you're spot on with Just a chance that actually gets even crazier.
Doug Draper 30:03
Yeah. Well, you think of the next acquisition or potential acquisition because it's still in the in the in the works as the, you know, Kansas City, Southern Railroad, and the Canadians that are working to purchase that which validates your your comments on here. So anyway, all right, bring us home, bring it home.
Pete Mento 30:21
My last ones my last ones quick, but it's in conjunction to what you just said, Powell. So the West Coast is still does not have a labor agreement. And at some point, labor and management need to realize that they could be losing, you'd be losing your, your hold of a good thing, a significant part of the American supply chain was built on a dependency of the west coast of that shorter route on the Pacific, on the shorter route on the Pacific, from China to the West Coast. And then so much of our supply chain, as I've mentioned, so many times on the show, is built with a dedicated line coming in from the west coast, all those West Coast ports, into supply chains and into distribution from the west coast into the rest of the country, into the middle of the country where those distribution points are, throughout everywhere. And there are people who need to realize that many of us are beginning to focus on not just using the east coast as a stop gap, but becoming dependent on it and realizing that it's not just a viable plan B, it's a viable supply chain. And if things don't change, they may lose market share for good, is that going to happen? I'm talking to people that are making it a permanent decision. They're making it a permanent decision. Not a lot of people, but some people. So they need to come to a decision soon. Where this I think is gonna force labor. It's coming back into management's hands, they're losing the leverage on the labor side right now. And they need to make a decision. But
Doug Draper 32:01
yeah, it is one of the factors. It is not G factor, in my opinion. And if you are a C level individual in a boardroom, and you're talking to top down, you know, your VPS and directors and stuff, you're saying, Never again, we're going to be in the supply chain bottleneck. So come up with, you know, all the alternative plans. And that's easily justified and invalidated by using the second tier ports that we spoken about. So the labor situation is another red flag, and C suite and leaders of companies will be like, you know, we needed to diversify. I think nearshoring is part of that, too. So I think the labor is of note but I don't think it is the reason that people are starting to flip it's part of the entire recipe and the ingredients that come into it that will be here to stay and she said that. All right. Well, I'll tell you what, that is truly a bicoastal. If that's the right word. We're on either side of the coast. I can't see the ocean from where I am, right. There's still a lot of agriculture and farming and I gotta hop hop over. But if you are with us down in New Orleans during your right before bed Tuesday, I'll give you guys an update on the world ag festival. I got my buddy, and I'm ready to Yeah, trudge through some, some farmland. So beyond that, I just want to thank our listeners for joining us on global trade this week, of course, Cap logistics and Kenan pushing the buttons makes this thing all happen. So I think that's it. We'll call it a wrap up.
Pete Mento 33:41
See you buddy. Happy Mardi Gras. All right.
Unknown Speaker 33:43
Take care. Thanks for listening.