Global Trade This Week – Episode 114
What’s going on in Global Trade this Week? Today Trade Geek Pete Mento & Doug Draper of Inland Star Distribution cover:
3:10 -The Marianas: The Back Door to America
9:08 -Mixed Signals for Air Cargo
16:55 -Halftime in Paradise
26:30– -EU Talks Boldly about Trade Rules: We’ll See
31:10 -Transport Industry Layoffs and Right Sizing
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Keenan Brugh 0:00
You're watching Global Trade This Week with Pete Mento and Doug Draper.
Doug Draper 0:11
Okay, here we are global trade this week. I am one of your co host, Doug Draper. And I am sporting some important attire. This show because of some sad news that everybody received on Saturday morning, at least that's when I had heard it. One of the favorite artists of my other co host on the other coast, Mr. Pete mento. Pete, I'm going to try and throw as many Jimmy Buffett sayings on here. So I'm just gonna say you are a son of a son of a sailor, or son of a son of a bitch. I'm not really sure. But, Pete, thanks for joining us today, buddy. How you doing?
Pete Mento 0:53
I'm doing good pal. Don't get up coming to you from Washington outside of Washington, DC. I am in our office here from DSV DSPs office in Herndon, Virginia. And I, I mentioned at the beginning of the call today that Herndon is a lot like the Cheesecake Factory of cities. It's it's thanks a lot of itself, but it really isn't all that impressive. It's just a diner of a town. And our office, however, is gorgeous. It's very nice. And people here are fantastic. So I'm here all week. I have meetings in DC and meetings with a bunch of lobbying groups and meetings with clients. And I'm pretty fired up to be here this week. So DC this week, New York City next week for some speaking engagements, and then I'll be in the office. Week after that I will be in Portland, Oregon for the big FDRs show, which I'm fired up for. And then Doug will be in California.
Doug Draper 1:52
In the hopefully in the great city of Fresno, California. But my
Pete Mento 1:58
assumption is no, no, I'll be in San Diego pal. We'll be in San Diego. Yeah, even
Doug Draper 2:03
better. Well, it looks like they put you up in the corner office there at the DSP. Herndon,
Pete Mento 2:09
it's nice. It really is. It's really nice man. You know, our, our, our industry, most of the places I've worked, you're in like some really crappy office over a warehouse like, in some really sketchy neighborhood by the airport, you know, but it's stepped up like our industry has stepped up in the past 1015 years. And we sort of moved away from those really terrifying neighborhoods where the RAS look like raccoons and, you know, then definitely the case with the unit I'm with now really, really nice offices.
Doug Draper 2:42
So you're not jumping on a forklift to unload an ocean container or anything after the show?
Pete Mento 2:46
You don't want me doing that? I think everyone's insurance rates would go catastrophic. If that happened. I'm not. I'm not prepared to do that kind of work anymore. I've lost that touch pal.
Doug Draper 2:56
Yeah, gotcha. Well, again, my my shirt is in honor of the great Jimmy Buffett. We'll talk about that a little bit more in the show. But this is global trade. It's this week. And so we should probably get started. Pete So what's your first topic?
Pete Mento 3:11
Yeah, buddy. So my friend Alex and on off Captain Alex on off had sent me a article this week on just the the investment that's being made by both the United States in in Chinese companies, Chinese individuals, as well corporations, into the Marianas, and there's a lot of Pacific islands that most of us just don't think about. And I think about him, because I've spent a lot of time there. A lot of time, just sitting around, Doug, just sitting around man just sitting around on a ship. You know, in my youth in my teens in my 20s with my finger at my nose, drinking coffee with nothing to do, just sitting on a ship, taking containers off putting containers on sitting on an idle ship, missing home, pre internet, you know, reading some book, but they hold incredible strategic importance. And these these islands during World War Two were important to the Japanese because they created an island chain that allowed them to to establish a supply chain for hopefully an eventual invasion invasion of North America. And we look at them now as our lifeline toward Asia. And they have created a strategic string of islands toward Russia. That was add as well. But they're kind of out of sight out of mind when I tell people sigh pan when I tell people Guam when I say to folks have you heard a truck about one I want to know like are we are you talking about some alien species from Star Trek? I'm like no man like these are. These are islands in the middle of the Pacific. Like I got friends right now and Diego Garcia sitting on a prepositioning ship playing World of Warcraft for 13 hours a day when they're not, I mean, these are real places. But the reason that the Marianas are so important is it's kind of the back door to the United States, it's the best way to describe it. It's an island chain, that is the farthest reaches of the American empire, and so closest to China. So they are an American possession, they are, I guess, technically part of the United States, if I'm, if I'm being specific, and Guam is part of that as well. And the US has recently gotten pretty serious about trying to be a little more robust about establishing it as a place where we're going to be positioning stuff, we're going to be getting a little more a little more aggressive with making sure that we have supplies there. And the Chinese have also started to get a little more aggressive about their position in that part of the world. Namely, by putting things like casinos up there, and investing financially, and kind of doing the good guy thing. You know, we've invested a lot of money here. And we've made a lot of jobs here. But the one thing that hasn't really happened, Doug, is their industry has invested a lot there. I spent a little time this morning before I left for work, looking at the companies that are building up a presence there for logistics. And it's mainly very small transportation firms that are locally owned, that are agents of mostly Asian logistics firms. There are some FedEx agents out there, but that's about it. They're tiny family owned seven, eight, you know, employee transportation companies working out of strip malls. That's it. So I'm wondering as I go through these small island chains, and I look at the transportation firms there, who's going to be investing? Well, I'll tell you, everybody, so I think that the future of these little island chains and their importance on establishing that new fence on the western Rim of the Pacific for America's defensive position. I think you're gonna see a pretty big investment by transportation firms out there duck.
Doug Draper 7:11
Yeah, that's interesting, Pete, but I'm gonna say no. Wrong. We don't contradict each other much, right. But I don't know, man. You know, first of all, whenever you said, the Marianas. I was like, What? What are you talking about? So here's my take, right? I think you nailed it. There was some garment industry for a while. That kind of tanked. And then they came in with the casinos. And then it's tourism. And I just don't maybe from a military perspective to set up shop, right, kind of what you had spoken about earlier. But I mean, to go, why there's no purpose to have any juggernaut. transportation logistics up, like why stop there, right. There's enough ships and support, let's get these things to where they need to get to get quickly. It's not like it's the 1800s where you need to jump off three or four times to get across the ocean. Right. So I don't know, militarily? Yes. Is that going to bring some revenue to those islands? Yes. Is it going to have somebody dredge a port and have it as a cross dock type of thing? I don't think that that would ever happen. But yeah, so interesting. From the military perspective, other than that, I don't think there's a whole lot going to change in 50 years in that
Pete Mento 8:38
area. Well, that's the only perspective, Doug is the military perspective, I think it's a defense outpost, and our ongoing attempts to do everything that we can to cordon off any sort of Chinese expansion. And I believe that is why that part of the world is gonna develop, and I think that you're going to see an aggressive defense footing happen to that part of the world. And that's why Okay, interesting. All right. But what do you got?
Doug Draper 9:07
Yes, so my topic, and this is more, I don't have a an answer. Right. You, you and I come on here we have a topic we give our perspective. And this one I'm just confused about. So I'm going to need your assistance on this. Right. So it's all about airlines, air freight pilot shortages, and how all these trajectories are going in different directions that I can't wrap my head around. Right. So first of all, the FAA just the other day, and I think I got this off. freightwaves Maybe that they were suspecting that nearly 5000 former military pilots that are primarily zipping around and cargo planes had either left out or blatantly He lied about medical conditions when they came out of the military. At the same time, they were telling the VA that, hey, I'm really sick and I need these, the support from the VA but they're telling the FAA now everything's cool. And I just kind of left that out. So there's this investigation of 5000 pilots, right, which is out there. So we'll see how that plays out. My take is they'll peel the onion back, there won't be a whole lot there. But that's a big headline right now. 5000 military pilots that are now doing cargo, then UPS is offering some of their senior pilots, buyouts due to volume slowdowns, right as far as the overnight. I think there's like 167 pilots, that's what a news outlet in Louisville, Kentucky is talking about. For overnight revenues are down like 10% volumes down like 12%. So so I get it, right. So here's all these pilots that are, you know, it's only 100 and some odd but still, here's 5000 pilots that may have to get a new job. Here's some pilots from from ups that are going out. And then oh, by the way, all's we hear about as a pilot shortage, right? Airlines aircraft. There's not enough people in the skies to move things around. So that's the people part of it. The cargo part of it is you have people like companies like Maersk, that are buying air freight to get vertical integrated, they're buying air freight companies, you talk about, you know, I think, got somebody just opened up and expanded operations in Detroit. Right. So you have all these companies that are growing into it. And then you have comments from CNN and USA Today. That's about there's a tsunami of pilot shortages, Congress has to tackle the pilot shortages. So you got these pilots that potentially could have availability, you have some freight companies that are growing their, their fleet, you have some companies that are contracting their fleet and UPS is saying their volumes are down. So you have different entities going in different directions. And I can't figure out who's going to be right, who's going to be wrong, what what's going on with the air freight market in general, right? It's skyrocketed during the pandemic, everybody jumped into it. resources, money, the whole bit that went stagnant. Some people are still building, some people are still getting are getting out. I just can't wrap my head around the air freight industry right now. And the pilot shortage, how those come together? And how those trajectories are just not hitting each other. So I don't know, maybe I'm naive or missing something I just can't figure it out.
Pete Mento 12:48
Well, that's a lot to unpack. So, first of all, you know, I'm, I would, I would like to know, what these medical issues are, that make these these veterans unable, you know, what makes them ineligible to serve as cargo pilots? What could they possibly be? And is it is it? Is it vision stuff? Because I imagine there's a way that they can deal with that. I don't know what it could possibly be. So I would be fascinated to find out what that is.
Doug Draper 13:24
And they're holding it close to their vest, right? There's not a lot of info on that right now. But you're miniscule in the big picture.
Pete Mento 13:31
Yeah. And then I'm sure that there's probably you must age out of that career at some point. Because I would I would imagine that a lot of these pilots, they they get out of their service for the military after 20 some odd years, they're probably in their 40s. And then they want to fly for another 1015 20 years. So they have they can double dip into retirement, you know, pay good for them. Right. So is it an age thing? I don't know. I absolutely have no idea. I think that there's there's a parallel here, though, of what you have in the Merchant Marine, which is a desire to not have to use American American labor. A lot of the merchant marine now there is a international code that allows you to not have to use officers and crew. Unless it's an American flag vessel because of the Jones Act, you can use international officers, because we have one standard now for for crewing. And many of these officers have a much lower expectation of their wage. So, because we're all trained the same, because we're all tested the same. An officer from one country will have a significantly lower wage expectation than one from the west. So you can have a Chinese officer or an officer from India or Pakistan who might want I don't know what the numbers are. But let's say it's half what an officer from Norway or an officer from United Kingdom or the United States or Canada would want. Who do you think they're going to hire? So that's just simple economics. And I'm wondering if this is something that, you know, will eventually just be a question of economics, if he has been trained or she has been trained the exact same way. And if they're able to move cargo the exact same way, then what's to stop the cargo carrier, from using someone who has a much lower wage expectation and lives in an economy that has a much lower cost of living from flying cargo or flying people for that matter? So that's an interesting take on Second of all, Doug, it's a word you hate buddy? drones. Drones, why wouldn't you move cargo with drones? Their safety, of course, the idea of having a 747 or you know, an eighth a 330? Or eight, a three a 30? Or, you know, a what are those big ones from the Ukraine or from Ukraine? What do they call the Anthon off Antonov? Like an Antonov full of oil and gas parts flying over your house in the middle of Colorado? With nobody actually flying it? You know, that'd be pretty creepy. But maybe that's where this is going, man. Maybe the pilot will be somebody sitting in their basement. You know, I don't know, man, maybe that's part of it as well. But I can remember it wasn't all that long ago, they were talking about how there were so many pilots that they didn't have to pay them very much. Because they had plenty of them. It's like this driver thing, man. They just, it's feast or famine and then they treat them like crap. And they leave the industry and they wonder where they all went. unionize the crap out of these people pass laws that forced them to use them. And how about we have a little respect for labor around here? I think it's so I don't want to get angry again. I've gotten I've gotten angry on this show like four weeks in a row and my blood pressure I don't want to be on pills duck so Can I Can we just not I just don't want to get angry this week. Man. I don't want you to know.
Doug Draper 16:57
Well, that is a good transition to our halftime and of course it's brought by CAP brought to you by CAP logistics. So please visit cap at capital logistics.com or cap worldwide.com. But anyway, in celebration of the shirt and talk about keeping blood pressure low Pete I'm gonna let you go first. I have a couple of comments on it as well but take it away on the halftime
Pete Mento 17:24
Yeah, man. So last week in our live Casa Bonita special. And now another we can't we cannot say it enough. Big thank you to the cap logistics team. Huge thank you to Keenan Yeah, I guess we'll say thank you to Keenan for coming out lugging everything out and all the hard work that the team did to to give us that live show. A big screw right off to the DJ at West facts brewery for doing everything he could to ruin our live shot. Yeah, but disappointing. But in all honesty, thank you so much to us factor ring for letting us do a live show. There was incredibly kind of them. Great beer. If you're ever in the neighborhood, please just stop by fan. Absolutely fantastic brewery. Wonderful beer. Nice spot. During the show, they played Margaritaville. And I stopped the show I interrupted Doug as I often do, because I am a selfish jackass. And I said I just have to stop. And I don't know if I've ever talked about how much I love Jimmy Buffett. And and I talked about meeting Jimmy and how I was very fortunate that a friend of mine worked on his show. And how that friend of mine very selflessly made sure that I got to spend a lot of time with Jimmy because he knew how much it meant to me. And how I got to form a relationship with not just Jimmy but a lot of members of the quarry for band and, and how that that was like a defining part of my life. And what that meant to me. And how I you know, I've probably been to damn near 40 Jimmy Buffett shows and how when you're a sailor, and when you're a merchant mariner it doesn't matter if you were a metalhead your whole life. It doesn't matter if you grew up on on a tractor, it doesn't matter if you grew up, and I have friends where they did grew up in like, like the streets of the Bronx. It doesn't matter if you're from if you're from Panama or you're from China. You're gonna end up loving Jimmy Buffett because the guy wrote about being on beaches and working on boats and being in all kinds of far flung places. And he just becomes a part of our vernacular and a part of our culture. And at my school at Maine Maritime Academy, there are a couple of songs that were like our unofficial school songs a son of a son of a sailor, and a pirate looks at 40 and you get a couple of wasn't beers and you were gonna start singing them, all of us. And it could be someone who graduated last year somebody graduated 40 years ago, we're all gonna sing them. And a couple days later, Jimmy dies. After I talked about that, and the Jimmy, I admit that Jimmy I got to be around was so full of life, and he was so happy. And he just he, you could not be around that guy. And not Not, not just be happy. And my friend who worked for him, he said the same thing. The guy was just, you know, just endlessly joyful, and being at his concerts, endlessly joyful, hearing his music, endlessly joyful. So it was when I, I woke up at three o'clock in the morning on Saturday because I couldn't sleep. And I turned on Twitter. And it was the first thing I saw. And I had about a 10 second moment where I was really sad. And then I said, How can I be sad about such a wonderful life. And I can be sad about all of these great songs and all this joy that is still here in the world that I'm not going to be sad. So well, you know, before I hand over to Doug, there's a there's a line and in two of his songs, the first one is from the wind when I know where he is songs about New Orleans, and just being a young guy with nothing in your pocket, but joy everywhere, where he says the coffee is strong at the Cafe Du Monde. And the doughnuts are too hot to touch. But just like a fool when those sweet goodies cool, I'm going to eat till I eat way too much. Because I'm living off things that excite me, be they pastries or lobsters or love. I'm just trying to get by being quiet and shy, in a world full of pushing and shoving. And from the time I first heard that as a teenager until today, I think it's just something I've always believed in. And then the other is from one particular harbor. There's a place somewhere out there that all of us retreat to, that's full of joy and hope. And his music was always that way for me. So this one's for you, Jimmy. I've been saying that a lot. Saturday, when I'm down in Virginia, I'm gonna have a cheeseburger and I'm gonna drink about 7000 margaritas. And I think we're going to start with the first record until nobody can stand up anymore. And there's gonna be a lot of laugh and there's not going to be any crying. But for those of you who are paired heads, I feel for you. I think we feel for each other. No, sorry. I'm done. No, well,
Doug Draper 22:39
I'll make one comment on that and then I'll jump into my my halftime right you met the guy but I think is you know, the magic that he gave with songs was when people have a memory on every song Not every song there's a song in which you have a memory that you can smile and and take away from you. Right so here. Here's mine. This is a long story. I'm going to condense because I know people didn't didn't show up to to listen to us talk about Jimmy Buffett but college in college, senior year spring break, there was 23 of us that drove from Lawrence, Kansas to Miami. A chartered to sailboat each one had a had a had a captain one was salty ed. I think he was drunk the whole time. And and we left. We left Miami. The other guy's name was Richard. He was kind of a dud. We left Miami at night during the sunset in one particular harbor we just cranked and we were sitting there sailing. And some dolphins came up next to us. And we shot over to the Bahamas and just listened to Jimmy Buffett. So every time I hear one particular Harbor, I can literally envision that I'm 30 odd years ago, in in doing it and then on the way home, we stopped by Bimini. And then we had a whole reflection on Hemingway and went to the bar that he wrote some of his his novels and everything else. But that's kind of the memory that I always think. And just on Saturday, I sent a text message to all 22 of those guys about that and just got tons of tons of feedback. But Pete I was thinking that if there was ever a mic drop moment where somebody would be drinking their last Margarita, it was Friday before the Labor Day weekend, right? So he gave the world a gift of three days off to have a whole lot of fun. And I guarantee every single beach every single Lake and every single party over this weekend was cranking Jimmy Buffett and that's exactly what he would have had would have wanted to happen. Celebrating and enjoying life. So anyway, the fast my quick thing is Burning Man. Now for some of our audience who may not know I'm the guy with the straight always wear a collar on the show. I went to Burning Man in 2016 phenomenal experience. There's a couple of videos out there now out of me, but a parodies of how people feel when they come back from Burning Man and I was the same way. Amazing experience. If you have a chance to go go, it's kind of expensive nowadays. I think I dropped several $1,000 to get out there and, and participate and we were on a on a camp right on the edge. So we had to do a whole bunch of stuff. Anyway, that's a whole nother story. But anyway, as you probably have heard that it rained on Friday turned it into a pile of mud. And Keenan was telling us before the show, but dirt out there has some properties that make it super gooey. His words were a little bit more scientific than that. But the goo and I can't even fathom being out there. Whenever the mud and the chaos and there are still people as we are talking right now they're trying to get out of Burning Man. So I'm so glad that I didn't. The weather was good when I was out there and had one hell of a time. But wow, man, that is crazy. It's absolutely crazy how the weather can come in and mother nature between fires and floods and hurricanes. She just dropped a whole hell of a lot of water and wrecked Burning Man for this year.
Pete Mento 26:11
If you asked 100 people which one of us had been to Burning Man, I don't think more than two or three would have picked you, Doug. I know. I love the fact that you went there. Just you know, you're full of surprises, brother. Absolutely love it. Yeah.
Doug Draper 26:26
Yeah. So all right, let's get back into it. What do you got for Topic number two?
Pete Mento 26:32
Yeah, Topic number two was kind of a fun one for me. So the the members of the European Union got together to have a conversation about their trade strategies, and their outlook for the course of the next 20 to 25 years. And they said something so European Doug, they said, We will no longer approach our major partners with such naivete any longer. They just sort of put their nose up in the air. And I imagine they they took their scarf and threw it over their shoulder and took it took a nibble on a Macron and then sip of an Aperol Spritz, and then ignored everyone for a little while and had a huff about it. But part of me is kind of proud of them for for make for making a stand and sort of saying enough, you know, and like, like, dramatically slamming the table and then putting on their headphones to listen to Depeche Mode for 20 minutes. You know, they, in all seriousness, the, the response is that they feel that they have been incredibly patient, particularly with the United States on looking for ways to build a relationship that is not so one sided, they feel that they have been victimized by the trade practices of the United States, they've been looking for a way that these two nations and organizations of nations can look for some way to develop a more equitable relationship. And they just have not come to a way where we can come to the table together as partners, not not as partner and junior partner, but on an equal footing. And they're going to start negotiating and developing strategy on an equal footing. And when it comes to China, they're going to just start dealing with China as a nation that they know takes advantage of them in every turn with regards to dumping and, and, you know, dropping cheap crap on them at every turn. But then when they try to go into China, they can't do the same now. Talk is cheap dog. Talk is cheap. And I've heard this kind of stuff from every country around the world. But when push comes to shove, people like American crap, particularly high end, aerospace, and pharmaceuticals, weapons, systems, services and software, so we'll see. You know, we'll see. And consumers like cheap crap. They like it a lot. So we'll see exactly what they do when it comes time to keep the people that vote for them happy. When holidays and back to school, everything else comes around. And you know, European consumers want their cheap crap from China. So hey, you know what? Golf clap, golf clap for standing up for yourself. But let's see whether or not you break up with that chick has been treating you like trash. Let's see if you actually pull it off.
Doug Draper 29:40
Yeah, when you were talking there, the one thing that just came on in my mind, I think Elaine Bennis said it best. yatta yatta yatta yatta yatta yatta yatta. Yeah. And I don't you know, the one thing about that Pete is, I don't know how many people are in the EU. It's like Britain 25. Or, I mean, there's a lot, right. And so I get that they want to throw their scarf over their shoulder and pound their fists. But the reality of it is there's 27 interests in that group. And if you try to corral in any facet of life 27 People who are trying to be a collective but still have their own agendas, it's going to be really hard to have that fist pounding, have any weight behind it, right. So I get it. And there's probably a few things I could do. But the bottom line is, a country is looking for the best best interest of itself, and to have 27 best interests come together to take on global world powers. Is a lot of golf, clapping, and a lot of yada yada yada. So I don't think anything's gonna really transpire with this other than a soundbite that you and I read for about 30 seconds on a on a Monday morning, or Tuesday morning.
Pete Mento 30:56
Like Coach prime said, Doug, I've got the receipts. I'll be waiting. I'll be waiting postgame. I'll be pointing out who said what, pal?
Doug Draper 31:04
Yeah, yes. I love it. That's a whole nother topic with coach Brian. We'll see after this weekend. Anyway, well, hey, my last one is, is is a little quick here. But I was reading that, that this is the trucking industry and, and layoffs and right sizing and trying to insulate the balance sheet and all the fuzzy buzzwords that executives use to justify layoffs and right sizing, it's all been focused on frontline. In the trucking industry, right? It's been drivers that have been like go through yellow, it's been contrition and trying to make their fleet smaller. But the one thing that caught my attention this weekend was that swift did a whole bunch of layoffs, in supporting roles, right, not frontline drivers, or people pushing dispatch and things of that nature. But these are IT people. These are HR employees. So it's almost the the the supporting roles of this are starting to be impacted. Which is very interesting to me to see. Is it cutting that deep now? And are we going to see other multinationals coming in there? And doing the same things where the knife is cutting deeper than just the front line? And what does that mean? Should there be a panic out there is it going to mean people are going to be jumping ship, and the one group that is a wildcard Pete on this whole thing is owner operators, right? The guys out there that have one to 10 trucks or whatever amount you want, you know, five to 15, trucks, whatever the small guys who is driving the truck and paying the bills, and all that kind of stuff. So with all this change and pivot with sometimes there's drivers entering the market because of situations like yellow with these multinationals. But what's going to go on with the owner operators, are they going to hunker down and just hold on for dear life? Or are they going to rise up and take advantage of the situation because of their low overhead and their cost structures where they can be more competitive. And even though there's lots of capacity, come in and take advantage of it. So as all of these things are happening, and now that the knife is cutting into supporting roles, I'm interested to see what the backstory is and the page two story of what's going to happen with owner operators. Are they going to follow suit? Are they going to pivot in different direction, and they're going to have their day in the sun and 2024. So anyway, owner operators, I'm interested to see how they're gonna respond to all this.
Pete Mento 33:43
If Doug, I'm gonna go day in the sun on this one, I think that the fact that they have the ability to actually control an asset, and they can be a little more flexible, given the fact that they have financial control that asset and the ability to the ability to put that asset where it needs to be and to work with a bit more control. I think that that's going to put them in the right kind of place. They've no matter where the market has gone up and down, constrained, unconstrained. They just been in a better position than a lot of these other folks have been and they've been more consistent. So I think that they're gonna find themselves in a good place. I could be wrong. Honestly, I hope I'm not. I hope I'm not they've made the investment they should get the payoff.
Doug Draper 34:28
Yeah. Yeah. It's good. Good. Points. Good points. We'll see. That'll be the one. All right, well,
Pete Mento 34:34
four topics and a halftime. I know I'm exhausted, Doug. That's gonna do it for another edition of global trade this week. I'm Pete mento. And that's Doug and his crazy shirt. I still can't believe he's actually want to go a little
Doug Draper 34:51
white t shirt. So I'm not going too crazy. Not going too crazy. You're
Pete Mento 34:55
not but for the boys in the booth for Keenan and Doug and I thank you all for joining us and thank Get a cap logistics as always for supporting the show. Tell your friends to subscribe. And we'll see you again next week for another edition of global trade this week. Thanks, Doug. Thanks
Transcribed by https://otter.ai