Chapter 118
Chapter 118
Translation: Godtl
They were keeping Levant in check as it sought to expand its influence with Beirut as its base.
"About 30 billion dollars. That's the figure they're quoting."
"Are they insane? No matter how crucial that location is, who in their right mind would burn 30 billion dollars on it?"
Truth be told, Levant wasn't even part of the original business plan.
But hadn't the Middle Eastern nations witnessed it with their own eyes?
How a single shipping company from that tiny country called Korea had taken control of the seas and was now dominating the world.
That very sight had inspired them.
They realized that for the Middle East to become the center of the world, they couldn't just wield power through oil alone—they needed to control the maritime trade routes.
That's how Levant was born, financed by oil money.
To simultaneously dominate both oil and the seas.
"What? How much?"
But had Gwangun somehow caught wind of this?
Levant's CEO, Khalid Al Hassan, had established the company using funds secured through the Sovereign Wealth Fund. Following the original plan, he had been gradually absorbing surrounding shipping companies and had now reached the stage of acquiring Beirut's port operations rights.
If they could control Beirut, they could sequentially dominate not just the Middle East but other continents as well.
Yet Gwangun was throwing a massive wrench in the works.
A staggering 30 billion dollars!
"Anyone can see this is just flexing muscle."
Even Lebanon must be wondering what kind of honey pot this is.
Those bastards were deliberately pitting Levant and Gwangun against each other to drive up the price.
After some back-and-forth, they were trying to reach an agreement around 10 billion dollars, but then Gwangun suddenly slapped down 30 billion.
"They're not seriously trying to acquire the port rights for 30 billion—they're just trying to hurt us, right?"
"Exactly. You think those lunatics would actually pour 30 billion into port operations?"
To anyone looking, the malicious intent was obvious.
"But we should consider the opposite scenario too. What if they're genuinely willing to spend 30 billion to secure the port rights? For Levant to grow globally, Beirut's port operations are essential. Gwangun must know that too."
"So they're trying to suppress us before we even stretch our limbs?"
"Precisely. Isn't Gwangun the very company that once dominated the seas? They know exactly which locations are key strategic points and how to leverage them to expand their influence."
In other words, their intent was to make such an overwhelming opening move that no one would dare compete in the shipping industry.
"If we accept this, the higher-ups will think we've lost our minds."
"But won't the higher-ups eventually tell us to accept it anyway?"
Even the esteemed investors might balk at first, but they'll eventually realize they have no choice but to accept.
"Ugh, these bastards are truly vicious. To think they'd try to squeeze us dry like this."
"Gwangun is infamous, isn't it? There are plenty of conspiracy theories about them. Some even say this coronavirus outbreak wasn't a coincidence at all. Gwangun bought up vaccine companies en masse before COVID hit, and now they're leading the global vaccine supply."
The conspiracy theories about Gwangun are endless.
One of them revolves around the coronavirus.
Before the pandemic even began, they suspiciously acquired vaccine companies and, through their research, became the corporation every nation is now desperately begging for.
Khalid was deep in thought.
Was this just a bluff, or were they truly willing to spend 30 billion to take it?
"Why the hell are they being left alone? Shouldn't they be investigated and stripped bare? What if they really did release COVID to profit off vaccines?"
"Even if that were true, there's nothing we can do about it now. Gwangun holds the vaccines. And even if everyone gets vaccinated, new variants will inevitably emerge, requiring booster shots—"
What formidable bastards.
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Then again, hadn't they risen from that tiny country to shake the foundations of the global economy?
"What should we do? If we don't submit a higher bid by today, the business rights will go to them."
"Right, what happened?"
"Yes, Levant..."
The reporting employee paused briefly before continuing.
"...has accepted. They raised their offer slightly above our initial $30 billion bid."
If the other side was bluffing, they'd withdraw from the bidding rather than pay $30 billion.
Kim Du-yeong slammed the table. Thwack!
But what if it wasn't a bluff?
Then Gwangun would take the business rights, and Levant would lose a crucial stronghold. Control of the seas would fall to Gwangun.
Effectively, Gwangun had forced Levant into a dilemma.
Sigh. "Those damn bastards."
Khalid had only one choice left.
"That settles it."
Phew.
The executives also let out sighs of relief.
Though they'd staked $30 billion, this wasn't truly about acquiring the business rights at that price.
It had been a bluff—one that Levant had fallen for.
"But... is this really something to celebrate?"
"Exactly. Ultimately, the opponent took a critically important stronghold from us."
Losing the Beirut port was a bitter pill to swallow.
From that foothold, Levant would now achieve explosive growth.
"Our goal was always singular anyway. Not to obtain the port rights, but to make Levant spend as much money as possible."
"Yes. From what I've learned, they were prepared to withdraw if we'd pushed beyond $30 billion. The funds backing them apparently agonized before approving that amount."
"Really? Never met those people, but they must be grinding their teeth at us now."
"Indeed. For a port project that could've been secured under $10 billion with better negotiation, they've incurred a staggering $30 billion expense. They'll want to tear us apart."
While it was satisfying to have dealt them a solid blow, there was also cause for concern.
Just how much would Levant grow from this point onward?
Frankly, it was slightly terrifying.
This proved they were far from lacking in funds.
If they'd truly wanted Beirut port, they could've pooled resources from elsewhere.
The fact they didn't meant Beirut wasn't worth that much to them.
"Whatever the case, until Chairman Jeong gives us new orders, we must steer this company well. Ensure those Middle Eastern bastards can't even dream of catching up to us. Remember—Chairman Jeong kept us here until the end instead of ousting us. Shouldn't we repay that debt?"
At these words, the executives nodded with resolute expressions.
"Alright then, back to work. Keep close watch on Levant's movements."
"Yessir!"
"Though... seeing Chairman Jeong Jin-ho sabotage the deal and abandon Beirut makes me wonder if he has something else in mind."
"Who dares claim to understand the Chairman's thoughts? But yes, he likely has another plan."
After dismissing the executives, Kim Du-yeong exhaled sharply.
Beirut... What a regrettable loss.
Yet Jeong Jin-ho's deliberate interference and refusal to secure it clearly indicated another strategy.
Gwangun had begun distributing vaccines worldwide, and from KW Exchange to all its subsidiaries, not a single entity was operating at a loss.
Just what was their game?
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"Chairman, this is truly—"
Employees stared at the wildly fluctuating charts, speechless.
Suddenly, Manager Seo shot to his feet and shouted—
The futures traders must be going through hell right now.
Since no one is buying the oil until the futures contracts expire, they'll have to handle it all themselves.
"M-minus $10 per barrel!!"
But how on earth are retail traders supposed to receive and store that massive amount of crude oil?
"Ah, s-sorry. I didn't mean to shout."
"No, it's fine. It's more than understandable to be shocked."
Oil prices had hit rock bottom before, but never in history had they gone negative.
Yet today, WTI crude plummeted to minus $10 per barrel. An unprecedented, utterly shocking panic.
"Who would've thought Saudi Arabia and Russia would let their pride escalate things this far?"
Saudi Arabia and Russia probably expected oil prices to drop somewhat after their production cut agreement fell apart. But they couldn't have imagined it would plunge all the way to minus $10.
And it wasn't just the traders. The general public was in a frenzy too.
These days, there are companies that take the oil off your hands—for a fee. But right now, every single one of them had shut their doors.
Thanks to the coronavirus, oil consumption had plummeted to historic lows, leaving even those companies with nowhere to store the excess. Even if they had space, the storage fees had skyrocketed.
"The shipping division is inquiring whether we should take this oil now. What should we do?"
It wasn't about getting oil for free.
On the contrary, we'd have to pay to take it off their hands.
$10 per barrel, at that!
"What does everyone think?"
"With a shock like this, wouldn't Saudi Arabia and Russia panic and renegotiate the production cuts?"
"I think so too. There are already rumors that both countries are pushing for talks again."
"So you're saying minus $10 is the bottom?"
"That's my take, yes."
"Mine too. It might dip a little further, but eventually, it'll stabilize around $10 and rebound. No country would just sit back and watch oil prices stay negative."
I didn't see it falling much further either.
But that was just my opinion.
I quietly placed my hand over the chart.
"For now, tell them to hold off on buying. Wait a little longer."
"Huh? Do you think it'll drop even further, sir?"
"Yes. Both Saudi Arabia and Russia are stubborn. Neither will back down easily. For them, pride matters more than money."
But if prices really crash all the way to the mantle, as my intuition suggests, even their pride won't stop them from cutting a deal. And by then, we'll have already scooped up oil at the absolute bottom.
"Ah, also—Beirut Port has acquired business rights in the Levant. They upped their initial offer just slightly."
"Really?"
"Yes. So Gwangun Shipping is preparing for the future. The Levant's $30 billion expenditure this time will hurt, but they have oil money, and they can gradually expand their operations."
...!
Then, the perfectly stable chart suddenly shifted on its own, plunging past the basement level and sinking even deeper.
What did this mean?
It meant Saudi Arabia and Russia, clinging to their pride, would keep delaying the production cut agreement—and oil prices would crash even harder from here.
To counter that, Gwangun Shipping seemed to be speeding up its ongoing negotiations to acquire shipping companies.
"We're buying them at a slightly higher price than initially planned. If negotiations drag on, the Levant might snatch them up instead. In fact, several shipping companies are currently weighing whether to sell to Gwangun or the Levant."
Originally, Gwangun Shipping's plan was to slowly bleed out struggling shipping firms and scoop them up at rock-bottom prices.
But with Levant's emergence changing the dynamics of the shipping industry, this was no time for us to remain complacent.
"It's fine. And tell them to maintain the current pace for the acquisition process without overextending ourselves."
"Ah... Yes. Are you really sure you're alright?"
"Yes. I'm truly fine, so don't worry."
Cold sweat dripped down as the employees startled and jumped to their feet.
"B-Boss, are you okay?!"
"...Ah."
I exhaled a trembling breath, thankfully regaining my composure.
But the terrifying sensation still lingered in every corner of my body.
Beirut.
Had I made a mistake handing it over?
Just in case, I opened the report on Beirut Port again.
But the moment I turned to the first page, that sensation came rushing back.
What on earth is happening there to cause this?
"!?"
A deafening roar filled my ears, and my body was overwhelmed by something massive, leaving me completely paralyzed.
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"Congratulations, Chairman."
"Congratulations? After spending a whopping 30 billion dollars?"
"But because of this, Levant will now dominate all the seas, including the Middle East."
It left a bitter taste in my mouth.
Though it was a necessary foothold for Levant's ambitions, 30 billion dollars was still an expenditure far beyond expectations.
"Those Lebanese bastards got a sweet deal."
"What could we do? Gwangun wouldn't budge easily."
"So they were bluffing after all?"
"Yes, they properly sabotaged us. But we can settle this score later. Once Levant grows strong enough to crush Gwangun Shipping, won't that be enough?"
Right. That should do.
Even though we suffered a loss of 30 billion dollars now, in the future, this place will bring in 300 billion.
Isn't it written in the Quran?
Repay in kind what you have suffered.
Of course, there are teachings that forgiveness is superior to vengeance.
But surely even Allah would understand our retribution against Gwangun.
"So, how's the port's condition?"
"With just a few repairs, it should be fine. But there's one tricky issue."
"What is it?"
"They say there's a staggering 2,800 tons of ammonium nitrate stored in Beirut's warehouse."
"Ammonium nitrate?"
"Yes. It's a chemical used in fertilizers and explosives, and a massive amount of it is currently stockpiled in Beirut."
Khalid furrowed his brow.
"Why the hell is that still sitting there?"
"Six years ago, a ship bound for Mozambique was forcibly seized by Lebanese courts, and all the ammonium nitrate on board was stored at Beirut Port. It's been sitting there ever since."
"So for six years, the Lebanese government did nothing about it?"
"Yes. The company involved went bankrupt and disappeared, and the Lebanese government just left it there. Maybe they couldn't figure out how to dispose of it, but who knows?"
Even so, keeping something that dangerous in a warehouse for six years? These irresponsible bastards.
"But given that there haven't been any accidents in six years, maybe it's fine? The warehouse is also in a remote area."
"Well... I guess so. But we can't just leave it there forever. We'll need the warehouse space soon. Find out how we can get rid of it quickly."
"Yes. We'll consult with the Lebanese government."
Though we spent a massive 30 billion dollars, we've secured Beirut Port.
Now the real work begins.
The 2,800 tons of ammonium nitrate is a slight concern, but the place has been perfectly fine for six whole years.
What are the odds it'll suddenly become a problem now?
<Episode 118> End