Have you seen the latest shoving match in the South China Sea? As you likely know, China recently parked a brand new deepwater drilling rig within the “Exclusive Economic Zone” claimed by Vietnam. Among other things, we’ve seen accounts of water cannon fights, and ship ramming incidents between Chinese and Vietnamese vessels; but no gunfire. Then news came that a Vietnamese ship sank after being rammed by a Chinese vessel. Thus the maritime escalation continues. It’s a harbinger of the new global arms race that’s breaking out, and which we’ll follow because it’s both newsworthy and investable.