Global Trade This Week – Episode 209
What’s going on in Global Trade this Week? Today Pete Mento and Doug Draper cover:
4:18 -What Will be the Next Major Disruptor for Logistics?
10:48 -Truckload Demand is Up, Ocean Freight Rates Tanking
15:18 -Halftime
22:24 -India, Russia, and China Had a Wild Meeting this Week
26:00 -Cargo Theft is Out of Control
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Doug Draper 0:00
Doug, you're watching global trade this week with Pete mento and Doug Draper, hello everyone. Welcome to another edition of global trade this week. My name is Doug Draper. I'm one of your hosts every single week, and on the other coast, other side of the coast, is my good friend who has been a worldly traveler in the last week or so. Mr. Pete. Mento. Pete, first of all, good to have you back in the United States of America, and welcome back to the cradle of the nation. Ae, the swamp, or ie the swamp. IE, DC, my friend. How are you today?
Pete Mento 0:39
Fantastic, man. It's nice to be back in the hive of scum and villainy. I got to tell you, dude, having an American Diet Coke after what, five days of not having one. I can't tell you how happy that made me. And then getting home last night and cranking up my AC and putting on ESPN, that was a that was a good
Doug Draper 0:58
feeling, though, nice. Well, for those that didn't know, I know there's a post you did on LinkedIn, but where were you? I
Pete Mento 1:05
flew to Poland this week to work with our technology development team for our new customs platform, which we're rolling out very shortly. And I was in Warsaw for, I guess, for three days, and got back last night. Next week, I'll be in Dublin for a couple of days, and then I'll be in Denmark the week after that.
Doug Draper 1:26
Nice. Yeah, your travel, your travel schedule, like, is awesome, and they're like, Draper, where you been this this month? Fresno, Visalia, excuse me, Doug.
Pete Mento 1:38
I'll swap with you anytime you want? Man, I this stuff got real old when I was in my 30s. So it's been 25 more years since then. And I'm telling you, man, it's kicking my ass. It used to be when I would go overseas, I couldn't wait to go out and have dinner and meet with everybody. And do you know client dinners and drink and party? And I'm like, Dude, it's 630 Can we go home? I finished eating, can we please just go home?
Doug Draper 2:03
Yeah, no, I get you when I worked at for the older generation that listens to this show, airborne Express, right? That's how I cut my teeth in this industry. And there was this regional manager that would come in from Seattle. I mean, he was, I don't know he looked like he was 70, but I'm sure he was our age at the time, and he would come in and just hound sales calls like he just wanted five six a day with all the reps, and then he would light it up until midnight, and then he would show up at 7am and and do it all over again. I'm like, your liver must be trashed, right? I mean, that is a schedule. That's a young man's gig for sure, as far as living that lifestyle on the road in the freight world. I mean,
Pete Mento 2:48
next week's gonna be hard for me Doug, because Dublin is one of my favorite cities on the planet, and I've been to over 100 countries. I've been to all seven continents, and there are very few places I would rather physically be than London or Dublin and Dublin, you know, where our hotel is just and this was not done on purpose. It's probably two blocks away from my favorite pub in the whole city. So I'm telling you right now, dude, on Monday night, I'm gonna end up drinking Guinness and listening to Live Tribe music all night long. And it's going to be, it's going to be glorious, but on Tuesday morning than wish that I just gone to bed at 830
Doug Draper 3:28
Yeah, well, turn your phone off during that time of celebration. My friend
Pete Mento 3:33
Doug, you know what's great is, you know, I worked on Monday, not only that, but I was seven hours ahead of the US. I sent so many emails, and I responded to so many emails, and everybody came in on Tuesday like, What the hell is there? Are there two pizza all of a sudden, I just blasted out all this communication, you know? So everybody, everybody came back from this three day weekend, like, Good God, you know, all the crap I threw. But then I wake up on I wake up on Wednesday morning, and everybody responded. So backfire. Email I got,
Doug Draper 4:08
yeah, yeah, you get back what you put out. So let's get this show started, my friend, I open so you drop your first topic
Pete Mento 4:17
for the week. Yeah, buddy. So you know this, big venture capitalist, consultancy, private equity. Thing they always say is, what's the next big disruption? What's the thing that we can attach our cash to that's going to make us all like Carnegie, you know, a Rockefeller, Rich. And you watch the news, we all watch the news, and we still see stuff like AI and, you know, autonomous trucks and that kind of stuff. And I get all that. But if you look at the history of our industry, it, it is. It's really driven. The big leaps all come from innovation. You had air travel, and with air travel, air cargo, and with air cargo, you had air car consolidation. And then, you know the container that that's Malcolm. Malcolm, OH. Why am I forgetting his last name? He'll come to me, you know, coming up with sea Lance, CSX, and then from there, the real big one was the computer, our ability to have data that goes back and forth, the internet, and then all the things that have come from there. And most people are betting on this autonomous thing, and I'm not so I'll be interested to see what you think the next big disruptors will be. Of course, AI will be one. Let's not be ridiculous. But I think it's robotics Doug. I think it's robotics in every sense, not just, you know, not just like Humanoid Type robots that are doing work in warehouses, which I think is, is here already. I think Tesla's already doing that. I think there's a lot of Japanese, Chinese and Korean companies that have, that have taken massive leaps in their ability to do that. These are workers that never get tired. They do repetitive tasks without injury, you know. And they're, they're built for safety. They don't think. They never, they never waver. And then the other industrialized robots, you know, we use drones in our large warehouses to do inventory, so they're scanning barcodes after robots have put them in their spot, so that the barcodes always there, and we can do inventory whenever the heck we want, relatively inexpensively. 24/7, I think robotics is, is the next massive disrupter to the economy. And I don't know, Doug, you tend to not agree with me on futuristic stuff, so I was wondering what you think if, if at all, any of these will end up being major
Doug Draper 6:24
disruptors? Yeah, well, I appreciate you knowing me very well, right? You know being I always say Midwestern Kansas, right? Let's just get a tractor and just tear up the Earth. But the first disruptors, as you said, are all things that were assisting, moving freight, right? The airline, the container, all that kind of stuff. Those were disruptors. Now it's what's moving data, right? And I think that AI, even though we're using it, and there's all kinds of cool stories out there, it's almost like we're waiting. Here's this cool hype. We're waiting for this band to get on stage and we got the we got the openers and all that kind of stuff. And we're just kind of waiting. I think people are at the point of what is going to move data? Oh, AI is going to do it. Okay? Well, we've been talking about it for a year, other than chat GPT and trying to improve an email you send, I get it that's low hanging fruit. So, you know, data, I like the robotics piece of it. So my point is that is data moving data going to be a disruptor? Yeah, but I haven't figured it out. I remember in the 1990s I was at a conference, and they were talking about RFID, and Walmart was going to mandate it, and it was going to change the way things moved. And it was this huge hype. And then it kind of didn't really do a whole lot, right? And then in the 2000s yes, we're using RFID, but it was going to, you know, be a game changer. And then blockchain was the next game changer, and it found its piece very nichey, but it didn't sweep the industry on all levels, right? So then you got blockchain. So I'm like, is the AI, the third iteration of that? I think it's too powerful, and the and the potential is too great, but I'm still trying to figure out what what that is. But to answer your question, to me, the big disruptor is a reaction to an uncontrollable right? We saw that with with covid being the most recent one is that there'll be Nick there'll be dinks and dunks with that kind of stuff, but specific. So I think a disruptor that's not controllable out there will be, will be one thing, but I like your take on on drone usage and robots in a warehouse. I'm totally not against, but just laugh at a drone delivering your Big Mac sandwich, you know, with with the deliveries, I just don't think that that's viable and whatever, but doing inventories in a building and picking orders. I mean, I've seen it. The cost of that is dropping rapidly. You know, you remember a flat screen TV that used to cost $4,000 and you thought it was amazing, and now there are a dime a dozen. I've been into Sam's Club, and you get this massive TV for for nothing. So the cost of that robotics is going down, which more more people are going to be implementing. So I think robotics isn't going to be like a major disruptor. It's going to be, you know, an assist. So I don't know, I'm kind of rambling a little bit on this topic, but
Pete Mento 9:32
rambling at all. Yeah, you know, with the AI thing, I'm beginning to see it in my own personal life, in my own career, how we apply it, and I worry about the future of people, because so much information that we input is now. It's not going to have to happen, and it is flawless in its execution if it's taught how to execute correctly. The next step, of course, being having it start to think things through. We have, we have a real problem right now, and that it's. The whole world seems to be on fire because of tariffs, and we have no idea what to do, because we don't have, we don't have the final outcome yet. So you've got customers who are asking, well, where should I send my production? It's sort of like, sort of like the village is on fire. I need to find a house that isn't on fire and go wait this out. Well, there isn't anything that's not on fire. Everything, everything is still on fire. So until it stops, it's kind of hard to guide people on where exactly, but yeah, man, those, those out of nowhere, like it's been 2020, not 20 years, maybe 10 years. We haven't had a year go by that hasn't been an absolute dumpster fire for quite some time. It's something comes out of the blue every single time for us, man, it's, it's exhausting, but at least it keeps things interesting. Yeah, yeah, for sure. So, all right, buddy, what you got for your first topic?
Doug Draper 10:49
All right, so this, it seems pretty basic, right? But I just want to call it out and dumb it down in in terms of that I can understand. And it's talking about the supply chain and maybe a supply wave, right? So I've seen news reports that all of a sudden ocean freight, and you would know this, you know, volumes are down, the rates are down, they're flat. And then I even read an article that said some steamship lines are wondering if they can justify a peak season surcharge. They're kind of being tested to see is that going to go through or not, and then at the same time, so you got that going on, and then, at least in the short term that I've seen, that the freight, domestic freight, is spiked up, fuel shot up, right? Which means there's more demand. The demand in the trucking is up, and then the retail piece of it still kind of cautionary tale to be determined. So to me, it's like a wave, right? And it took me a few minutes to kind of figure this thing out, right? So you got this wave, and you catch the first swell of the of the wave, and that's, that's the the ocean freight. So that comes and goes right, huge blip. And then it comes and goes, and then you're riding the wave right. And that would be, I guess, the trucking piece of it, right. And then when the wave peters out, and then you get this smooth landing into the beach. That's almost like the retail piece of it. The Swell has come and gone. There's not a swell behind it, you get these little blips. The Swell has come and gone. The trucking piece, we're riding that wave right now because there's capacity challenges. Fuel is up the whole nine yards. Soon that's going to be over, and then we'll see what happens to the retail that's what I mean by cautionary tale. How is this wave going to end and roll on the beach? And I think all that says is that peak season has come and gone already, right? I mean, we've seen that because the swell is gone, the ride is happening, and the and the the flow out of the wave is still TBD. So I think it's going to be a lot of call, a lot of discussion that all this happened so quick, and part of it is the fact that people are just holding back and having purchase orders a little bit smaller because of the dumpster fire that you made mention of. So anyway, the wave, we're in the middle of it. We're riding the wave right now, and that's the trucking piece of it. The Swell is gone. That's the ocean freight. And we'll see what the retailers do on the back end, and we'll see that a month sooner than normal. So anyway, there's my wave analogy on the supply chain.
Pete Mento 13:31
I agree with you. Man, I always like to say there's no such thing as a Black Swan. If you pay attention, you can tell what's probably going to happen next. And there's that great metaphor, right? Or simile, I don't know, canary in a coal mine. The miners used to bring it, literally, would bring a canary down to the coal mine, and then if it died, it meant that there wasn't enough oxygen to support the people that were about to go in there and dig and do their work. So we have, like, hundreds of canaries just dropping dead in the coal mine right now, you'd have to be blind to not see that. Volumes are down. All right? There is consumer confidence is waning. Inflation is up. Domestic orders and international orders for manufacturing are down. We're seeing volumes go down. You're seeing the blank sailings that happen going up. And all of these, all these hands are waving in the air, and you feel like the Chicken Little saying the sky is falling. It doesn't take a PhD in economics to look around the world and say, This is not good there. There's going to be a whiplash. But the big question that I don't have an answer to yet Doug is, Are Americans going to stop buying more foreign stuff? We don't know yet. I wouldn't think so, but, or maybe they move on some less foreign stuff. But are we really about to see a dramatic shift in our culture, for the way that we consume and everything you're talking about? Doug leads me to believe that we are.
Doug Draper 14:54
Yeah, it'll be interesting. I think we said on a couple of shows ago that I think there's gonna be a lot of fire sales if. You're a consumer and you're looking for a good deal. That's going to happen this year, because nobody wants to bring their product back, nobody wants to keep it on their books. And when I mean nobody, I'm talking businesses. And so I think there's going to be some good deals to be had. Hopefully they
Pete Mento 15:12
still have a job and a salary Doug, so you can go out and buy that stuff. That's me just being Dr Doom again.
Doug Draper 15:20
Well, let's switch gears, because halftime is not about being Dr Doom, it's about talking about whatever we want. It can be as dumb as we want or as entertaining, and we got some good ones. So obviously, halftime is brought to us by CAP logistics. We appreciate everything that they do. Check out caplogistics.com. So Pete, your half times have been great. They're not just rants, they're questions that are being posed. And so I know our audience, they may not, they may not say it in the post, but they're like, Huh? I wonder what, what I would do with that? What are the five questions that Pete asked? How would I answer them? So today is very similar Pete, so I'll let you go first.
Pete Mento 15:59
Sure I'm a big believer and a big fan of board games and card games, you know, sitting around with your friends and there's no there's no gaming module there. It's just you and whole bunch of paper and cardboard. And when I was a kid, I really loved board games. So now, apparently, according to a couple of articles I read, they're coming back in a big way over the past decade, and certainly through covid, Americans are playing more and more board games. They're also playing cards again. So games like bridge have made a comeback. In pinochle and Euchre, people are learning how to play them and playing them more. So Doug, my question this week is, what are you best at? So is there a board game or something you played when you were a kid, or something even now, that if your life depended on it, like you know, you were gonna die if you didn't win, this is the game I would pick to probably play.
Doug Draper 16:52
Well, I can answer that with a couple of games that I like. I think that if I went up against a pro in either one of these, I would probably die. But card game, Euchre and cribbage are kind of hot around our house now. Euchre is kind of niche and regional, right? It's a big, I think, Midwestern game, right? It, and I won't go into how explain it, so you can Google that. But that requires a little bit of card counting to kind of see what your partner or what your opponent has thrown off, right? And I, I'm, I'm shitty accounting cards, so I probably have to go to cribbage. It's a little bit of a bit of luck. You know, there's a little bit of things that you can't control. It's how you react to the hand that you're given. So one of those two, I would fare well, but I don't think I would save my life.
Pete Mento 17:44
So for me, you know, it's funny that I I pick cribbage as my card game. I love it. I'm not necessarily very good at it, but it's a big it's a big New England game, especially New Hampshire and Maine. I can't stress this enough, like in Maine, going to college in Maine, spending a lot of time in Maine, if it's raining outside and you're on vacation, we're getting out the crib board, and it's going to get ugly. So yesterday, on my flight from Poland to the US, I spent almost, I think it was almost 16 hours in the air, and it was a 21 hour trip the whole way through, because I had a double connection, but I probably played 50 games of cribbage on my phone. I love Oh, wow, yeah. The problem is that I play at the easiest level. If I go up, I just get smoked every time. But I really do love playing. If I was going to pick a board game 100% it's monopoly. I am a monster at Monopoly. I'm an absolute jerk to the point where my daughter won't play with me anymore. Most of my friends won't play with me anymore. I take it way too seriously. So if I had to play a game to save my life, it's probably cribbage. I wish it was chess that would make me feel so much better about myself, but that's just not happening. It reminds me of Bill and Ted's second movie, I think when they had to play games with death and they picked like Kinect four and battleship, Chinese checkers. Yeah, you know, I think, I think the devil would smoke me in cribbage, but I'm pretty sure I'd give him a good run if it came to
Unknown Speaker 19:12
monopoly. Yeah,
Pete Mento 19:13
yeah, very good. So what you got, man,
Doug Draper 19:15
all right, well, I saw this article about Waymo and the RoboTaxi. And I started thinking, so I didn't realize this, but Waymo has like, 2000 cars in a handful of markets out there, and the RoboTaxi from Tesla has like, 50, right? Like five, zero, that's it. And they're going to be, you know, you can talk about doubling the size? Well, you double it 50 goes to 100 you know, they're kind of behind the game, in my opinion. So I started thinking for halftime, would you get so are you into an autonomous vehicle, Robo taxi, or a Waymo? Or are you against that? So you got your choice, a human driver, an automated driver. Which one are you. Picking long
Pete Mento 20:01
term I'm picking the automated driver. I'm still a little nervous to do it now, because, of course, the only videos you ever see are the guy in the back of the way mode going around the roundabout over and over again for 30 minutes, right? Like, that's, that's the one you see. But for for me, I believe in the technology eventually getting there and the lack of human error. So I'm, I'm all, I'm all in Doug, if I had, if I had too many beers at Buffalo Wild Wings when the saints were on, I'm 100% getting in, uh, getting in a way mower and Uber taxi. I've got a feeling, Doug, you're not going to agree with me. You know,
Speaker 1 20:38
I would think any listeners and watchers of our show would be able to say, we know what Draper's going to say,
Doug Draper 20:47
and you're exactly correct, right? Technology is there. It's coming. It's inevitable. But for the here and the now, in 2025 I'm jumping in with a human that I can chat up in the back of the car. I'm not that guy that talks nonstop in an Uber. I may engage a little bit, but I'm not that dude that just chirps at the driver all day, but I don't know, I just feel a little bit more secure right now. Give me a human and to be honest with you, Pete, I take taxis a little bit because when you go to airports, they got a taxi line and nobody's in it, you just roll up and you just jump in a car and you go with Uber or Lyft go to this area. Wait, you're looking at your phone. Is, is that a blue car or a black car? Because my guy's supposed to be, you know, screw it. I just go to a taxi line and jump in and go. So I need a human, as you obviously knew.
Pete Mento 21:36
This is, this is a great illustration of how we're so different, right? Like I, I always pick Uber comfort, and I'm willing to pay the little extra to not have to talk to anybody. That's, there's actually a button, you know, I prefer no conversation. I don't need to talk to anybody. And then I, I enjoy the fact that I have someone who rolls up, where the technology is all put together, living in New York, working in New York, getting in cabs. That was one thing that was wonderful. You gave an address and that dude knew where to go. That guy knew where to go. Excuse me, yeah, Doug, so this, this is like your old man versus my wannabe, not old man here, fighting this out. I'm up. I could not be more different than you when it
Doug Draper 22:18
comes to this one, yeah, yeah, yep, yep, cool. All right. Well, that was brought to us by CAP logistics. Check them out. Cap logistics.com, second half of the show, Pete, you kick it off. What's up?
Pete Mento 22:31
What's up is my allergies. But more importantly, the there's a great picture was it was splattered on every single news resource this week of Vladimir Putin and Xi shopping with big grins on their face shaking hands in Beijing, right? Like, it's like, Yo homie. What's up? Like, these guys hadn't seen each other in forever, you know, they probably did, like the bro hug, you know, just like, oh man, so good to see you. This is inconceivable to people who've grown up in the Cold War, China and Russia are not known for their buddy buddy relationship. And then it gets even weirder, like, if things aren't Strange enough, the next picture is Prime Minister Modi like boys. What's up? Oh my god, let's head on down to Applebee's and share some nachos like they're all sitting there together. Then when you thought it couldn't get any stranger. Kim Jong Un shows up in his goofy little pajama jacket, you know, and his chubby little face and his dumb haircut. This is a bizarre This is a bizarre group of people. Man like I can't think of a stranger group of four people to put together. But from the strategic standpoint of trade, it's downright terrifying. You have one of the largest exporters to America, one of the largest financial relationships that we have that, up until recently, was super positive, right, standing next to what we believe to be our largest nemesis in the world, which is China, sitting next to a guy that's that's funneling, you know, the necessity of all, all this, all this implements of death and destruction. And then the fourth guy who's got to be the strangest world leader right there next to him, and they're all going to, you know, sit around and and and crack a case of Bush lights and talk about their fantasy teams. This is not a good sign, man like this is, of all the things that have come out of the tariffs, I get it, the financial side, all of it. The most terrifying thing to me so far is these three, four guys sitting around talking about which episode of Friends is their favorite. I doubt that conversation happened, but in my head, I kind of hope that
Doug Draper 24:33
it did. Yeah, power move. Power move, you know, and they did it in concert with a pretty impressive military parade. Yeah, you know that that's, you know, right, wrong, or indifferent. It's pretty amazing to see the organization the size and just rolling out all this weaponry, right? So I think it's a power move, right? It's a pivot from what you just said with China. Coming in, and let's do this together. And, you know, shiny happy people, as our REM would say, but I think it's a power move. And speaking of card games, they just played their card, right? So let's see how, let's see how America is going to react. You know, passive aggressive, I guess was, was that whole play? And, oh my god, is it getting press, right? You can't turn on. Forget global trade, just in any media outlet. All of those pictures which just, you know, validate what we just said, the opulence, the guys walking in concert, you know, for a photo op. You know it that if they're playing cards, they just, they just laid down. And I'm not, I'm not a poker guy, but whatever impressive hand is, they just laid it down, and they're going to see how is the US going to react? Doug, we live in a simulation. This is just further proof. Things get weirder every day. Man, these get weirder every day. Yeah. All right, Paul, bring us home. All right. Well, this one is, is pretty obvious when you hear about it, but cargo theft absolutely out of control, right? It's more of a domestic play, right? It's really hard to steal a steamship line, right? It's not moving very fast and and it's not going to happen, but the cargo theft on the domestic is just in sanity, right? There's so many different statistics out there. You know, the one of that that I saw is that $35 billion a year is is now the theft rate, 65,000 incidents. Again, this was a cargo net. Was where I got some of these statistics right. And the average value per theft is, is now over $200,000 right? It's, it's crazy. And the thing with this, Pete, and I'll keep this topic really short, is the traditional smash and grab that that was defined theft 10 years ago. It's being replaced by fake identities and cloning identities. And you know, it's almost like an Ocean's 11 movie or Now You See Me, type of thing where you know before anybody knows it, the con has happened, and it's gone, right? And so talk about technology and and the bad guys using it in nefarious ways. And by the time we realize what's transpired, the cargo was gone. Now the reaction is very positive. People are trying to do it. There's a lot of companies out there selling things that can help prevent that, but the bad guys are keeping up as fast as you know, we're trying to plug the holes and oh my god, if you keep track of what's going on, it is absolutely unbelievable. And the projections are it's going to continue to get worse. One One comment, one crazy story. So what I've heard is that theft that's happening in California, which is just off the charts, right? The ocean vessel comes in, and then it's like cockroaches. Everything just disperses, so it's hard to chase it. But I'm hearing that the bad guys are getting the hell out of California, crossing into Arizona. And when trucks refuel, right? Because you want to save money on the on on the fuel. That's when smash and grabs are still happening. And even on trains like literally, I read a story where there is, you know, intermodal train movement, and they will intentionally stop the train or create some type of problem. They'll jump on the train and empty ocean containers and just hope for the best on what, on what they're what they're grabbing, but you know, it's, it's, it's shoes, electronics, the whole nine yards. But you just look at it and you start getting a little depressed that cargo theft is just through the roof, and most of the conversations are about domestic cargo theft.
Pete Mento 28:55
Doug, this is a world that we know a lot of folks, right? We have some massive Friends of the show, whether it's Nate white or or Chuck Forsythe and Scott Cornell. I mean, the list goes on and on. City at tapa. I mean, these guys, we live in that world, and the stories that they tell when you go to these conferences, you just sit there, you've got to be kidding me. And I always like to say that if these criminals would just take their minds and put them toward legitimate businesses, they'd probably all be billionaires. A good idea. Doug that we asked some of those folks to come on the show, and I'm sure that they'd be happy to to talk about what's going on with that, because they're constantly trying to keep up with the technology, whether it's deep fakes and all the things. I mean, Nate White could talk for hours about this, about the the types of technology that they implement in order to circumvent the physical security checks that are being put in place. It's a constant struggle of trying to stay one step ahead and keep your stuff from being stolen, man, and with a tough economy, people are going to be doing more desperate things. I don't think this gets any
Doug Draper 29:56
better. Yeah, yeah. I'm glad you called out Chuck and Cindy over at. Appa, those are good people. They were kind enough to have us speak at one of their events a few years ago. But there are good people trying to find the right way to address this. And great shout out to that, to that group. And if you're looking for solutions, they're a tremendous resource.
Pete Mento 30:14
Yes, sir. Well, that's going to do it for us this week on global trade this week, want to thank Doug for keeping me in line, reminding me how old we are. I want to thank Keenan for putting down his Golden Grahams and his Capri Suns long enough to manage all the technology. And of course, thank our good friends at Capital logistics who have just been unwavering in their support of the show. Please do check them out at capital logistics.com and as we say every week, if it's happening in global trade, we'll be talking about it right here in global trade this week, talking next week, buddy.
Doug Draper 30:45
All right. Travel safe, my friend. Thanks.
Transcribed by https://otter.ai