A sign of the recession – Politicians may announce that the recession is over, but that won’t be true until all the empty cargo ships that are anchored off Singapore start moving again. This group of 500 empty ships is bigger than the US and British navies combined, but they have no cargo and thus no destination, so they just sit and wait.
In the Daily Mail, Simon Parry reports that “The world’s ship owners and government economists would prefer you not to see this symbol of the depths of the plague still crippling the world’s economies. So they have been quietly retired to this equatorial backwater, to be maintained only by a handful of bored sailors. The skeleton crews are left alone to fend off the ever-present threats of piracy and collisions in the congested waters as the hulls gather rust and seaweed at what should be their busiest time of year (the Christmas season).”
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