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Ship transporting thousands of cars sinks in Pacific after fire, raising concerns about EV batteries

Ship transporting thousands of cars sinks in Pacific after fire, raising concerns about EV batteries

New York Post4 days ago

A ship holding thousands of cars sank in the Pacific Ocean on Monday, weeks after a fire broke out on a deck that was holding electric vehicles – stoking industry concerns around transporting highly flammable batteries.
The 600-foot-long Morning Midas had been adrift at sea since June 3, when flames broke out and the crew was forced to abandon ship.
The ship was carrying 3,000 cars, including 800 EVs, when it sank in international waters approximately three miles deep, according to the ship's owner, London-based Zodiac Maritime.
The Morning Midas vessel had been adrift at sea since June 3, when a fire broke out.
AP
It had been weakened by fire damage and intense weather, the company said.
'As a precaution, two salvage tugs containing pollution control equipment remain on site to monitor for any signs of pollution or debris. Their crews are safe,' Zodiac Maritime told The Post in a statement.
'A specialized pollution response vessel is also en-route to the location as an additional precaution.'
The company said it is working with the US Coast Guard and Resolve Marine, which specializes in marine emergency response. The Coast Guard and Resolve Marine did not immediately respond to The Post's requests for comment.
Most of the vehicles on board the vessel were made in China and headed toward Mexico.
The sinking raises concerns about the dangers of the highly flammable lithium-ion batteries typically used in electric vehicles.
The ship had been weakened by fire damage and intense weather when it sank.
USCoast Guard.
Just two weeks ago, Waymo was forced to suspend service of its driverless EVs in downtown Los Angeles after anti-ICE protesters set five of its vehicles ablaze.
Police officers warned residents to steer clear of the melted metal heaps, since the batteries can release toxic fumes, like hydrogen fluoride, when set on fire.
In 2022, a 60,000-ton cargo ship called the Felicity Ace carrying thousands of luxury cars sank in the Atlantic Ocean after a fire on board burned for nearly a week.
Experts hired to salvage the ship said the large amount of lithium batteries likely caused the fire to spread and stay ablaze for longer.

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Is META Stock a Buy, Sell, or Hold as Meta Platforms Launches New v-JEPA 2 AI Model?
Is META Stock a Buy, Sell, or Hold as Meta Platforms Launches New v-JEPA 2 AI Model?

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Is META Stock a Buy, Sell, or Hold as Meta Platforms Launches New v-JEPA 2 AI Model?

As the artificial intelligence (AI) race accelerates toward advanced machine intelligence (AMI), tech giants are pushing boundaries to create agents that can reason more like humans. A key piece of this puzzle is physical reasoning, essential for AI systems to navigate and act within the real world. Meta Platforms (META) has stepped into this frontier with the launch earlier in June of its Meta Video Joint Embedding Predictive Architecture 2 (V-JEPA 2), a powerful video-based world model that helps machines anticipate how the physical world behaves. Unlike language-only models, V-JEPA 2 learns from video data to predict object dynamics and human interactions using latent-space simulation. It allows robots to 'think before they act,' performing tasks like picking up and placing objects in unfamiliar environments. Ditch Big Tech and Buy These 3 Popular Stocks in 2025 Instead Dear Nvidia Stock Fans, Watch This Event Today Closely Can Broadcom Stock Hit $400 in 2025? 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On the date of publication, Sristi Suman Jayaswal did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. This article was originally published on Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Trending tickers: latest investor updates on Nike, Xiaomi, Cyngn, Spotify, Core Scientific and Unilever
Trending tickers: latest investor updates on Nike, Xiaomi, Cyngn, Spotify, Core Scientific and Unilever

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Trending tickers: latest investor updates on Nike, Xiaomi, Cyngn, Spotify, Core Scientific and Unilever

Nike (NKE) shares surged by almost 10% in after-hours trading, fuelled by growing investor optimism that the company's long-awaited turnaround strategy may finally take hold, even as it posted its worst quarterly earnings in over three years. On Thursday, the Oregon-based sportswear giant reported fourth-quarter revenues of $11.1bn (£8bn), surpassing analyst expectations, though it marked the lowest revenue figure since Q3 2022. Net income plummeted 86% to $211m, or 14 cents per share, compared to $1.5bn, or 99 cents per share, in the same period last year—yet still exceeded Wall Street forecasts. Nike's (NKE) chief executive Elliott Hill said: 'The results we're reporting today in Q4, and in FY 25 are not up to the Nike standard." The company also warned that US president Donald Trump's trade tariffs could cost it around an extra $1bn. Amid these results, Mamta Valechha, a consumer discretionary analyst at Quilter Cheviot, remained cautious. 'Nike (NKE) continues to slump, with its fourth quarter the worst in at least two decades. Sales were down 12%, while its operating margin was a meagre 2.9%. The sales themselves had actually come in ahead of really low expectations, producing an earnings beat.' Read more: FTSE 100 LIVE: Stocks higher as US and China sign trade agreement, US says 10 deals imminent Valechha pointed to underlying challenges, adding: 'These troubling numbers, though, suggest that Nike (NKE) may nearly be at rock bottom. The share price rallied strongly in after-market trading as investors are beginning to expect a positive rate of change going forward. It has been a difficult period for Nike following the pandemic, and the threat of tariffs simply is not helping the situation for the company.' Though the company's outlook for the coming quarter remains grim, Valechha noted that the road to recovery would likely be gradual. 'It will be a slow recovery, however. 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Read more: Why BP could still be a target as Shell quashes takeover rumours Spotify (SPOT) stock reached a milestone on Wednesday, achieving its third consecutive record high. The company is set to release its second-quarter 2025 results and shareholder presentation on Tuesday, 29 July, before the market opens. Core Scientific (CORZ) shares saw a significant boost ahead of the US market open, following a 35% rally on Thursday triggered by a Wall Street Journal report revealing that artificial intelligence infrastructure vendor CoreWeave (CRWV) is in talks to acquire the bitcoin (BTC-USD) mining and hosting provider. The stock was briefly halted after the news broke, then resumed trading with its second-largest rally since Core Scientific's (CORZ) return to the Nasdaq (^IXIC) in January 2024, following a successful reorganisation. The company's biggest one-day jump came in June 2024, when shares surged 40% after the announcement of a major AI business expansion with CoreWeave (CRWV). 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This follows a series of strategic acquisitions aimed at bolstering its position in the fast-growing male grooming in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data

Oregon state senator resigns from committee after ‘aggressive outbursts'
Oregon state senator resigns from committee after ‘aggressive outbursts'

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Oregon state senator resigns from committee after ‘aggressive outbursts'

PORTLAND, Ore. (KOIN) – Oregon State Senator Chris Gorsek (D-Gresham) resigned from his joint transportation committee seat on Monday after House Republicans accused him of 'aggressive outbursts,' and called for his resignation. 'To allow for the committee's focus to remain on completing the Oregon Transportation Reinvestment Package this session, I have offered my resignation from the Joint Committee on Transportation Reinvestment effective immediately,' Sen. Gorsek announced Monday. 'I support the compromise that's being offered from the House, and I look forward to voting in support of it on the Senate floor.' The resignation stems from Friday's Joint Committee on Transportation Reinvestment work session. There, lawmakers were considering , which would audit the Oregon Department of Transportation as lawmakers consider a major transportation investment package. US Department of Justice sues Washington over 'anti-Catholic' law During the work session, House Republicans said Co-Vice Chair Representative Shelly Boshart Davis (R-Albany) was 'singled out and aggressively shouted down on multiple occasions,' by Gorsek. 'It's really, disappointing at this point that, everybody from Co-Chair McLane, all the way up to the presiding officers at this point have not issued any sort of apology or taken responsibility for it,' Boshart Davis said. As lawmakers made final comments before a vote on the bill, Rep. Boshart Davis explained, 'I want to state that we are looking at the largest tax increase in Oregon's history,' she said in opposition of the bill, raising concerns that the public has not had enough time to weigh in on the legislation. 'We received the revenue impact when we had eight hours of public hearings on the -12 (amendment) or the base bill, the public didn't know that it costs $15 billion over the next 10 years. They may have said something different if they knew it had been the largest tax hike in Oregon's history. And so, since we've known that realization, the public has not had the opportunity to weigh in. What we do know from the public though, is their online testimony and it currently sits at opposition 2:1,' Boshart Davis said, in part. 'We're left with a $15 billion tax increase, with a few days left in session with a really bad process. When we talk about being grossly irresponsible, that's what this is. I will be a no on this,' Boshart Davis said before Gorsek interrupted. Close Thanks for signing up! Watch for us in your inbox. Subscribe Now 'Excuse me,' Gorsek said. 'You are impugning all of us that have worked on that bill, so stop with that.' 'You made your point, representative,' Gorsek added with a raised voice. At that point, Commitee Co-Chair Rep. Susan McLain (D-Forest Grove, Cornelius, Hillsboro) tried to stop the two from arguing, saying, 'you guys, that's it,' suggesting the lawmakers discuss their differences outside of the session. Portland bar hosts 'In Bed By 10' happy hour DJ parties On Monday, House Republicans called for Gorsek to be censured and demanded Senate President Rob Wagner (D-Lake Oswego) remove Gorsek from his committee assignments. 'Today House Republicans stand united with our colleague, Representative Boshart Davis, who was the target of Senator Gorsek's repeated aggressive outbursts in committee last week. Prior to Representative Boshart Davis's comments, multiple men on the committee spoke in opposition to HB 2025, but Senator Gorsek's out-of-control shouting and aggressive behavior was directed solely towards Representative Boshart Davis,' House Republican Leader Christine Drazan (R-Canby) said. 'Senator Gorsek has a documented pattern of bullying, harassing, and intimidating female legislators who speak up and express opinions that differ from his. This behavior is not only abusive, it weakens our democratic institutions and has no place in our Capitol,' the Republican House leader added. 'Senate President Rob Wagner's shameful silence, failure to respond, and inaction has engendered a culture of intimidation and misogyny—both on the dais and off.' USA Today names 'uniquely satisfying' Portland donut shop among the best in the U.S. 'Senator Gorsek's actions must not be ignored. I call on Senate President Wagner to stand with us to demand personal responsibility and accountability for the harm Senator Gorsek's repeated behavior has caused to this institution. Senator Wagner must use his power to address this issue immediately,' Drazan concluded. In addition to the calls to censure and remove Gorsek from his committees, House Republicans demanded a building-wide notification when Gorsek was expected to be in the Capitol, mandated workplace harassment and anger management training and demanded a formal apology. After Friday's work session, Boshart Davis filed a formal complaint against Gorsek for violating the Legislative Branch Personnel Rule 2: Safe, Respectful and Inclusive Workplace. In response to Gorsek's actions, seven House Republicans boycotted Monday's legislative session: Reps. Court Boice (R-Gold Beach), Virgle Osborne (R-Roseburg), Dwayne Yunker (R-Grants Pass), Alek Skarlatos (R-Canyonville), Boomer Wright (R-Coos Bay), Darin Harbick (R-Eastern Lane County), and Ed Diehl (R-Stayton). Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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