Overseas Shipping And The Recession
Automotive companies are not the only industry struggling with the horrible global recession we are witnessing. In Singapore, thousands of “ghost ships” anchor themselves close to shore, empty and without crew – because no one is sending, no one is buying. UK’s Daily Mail took a break from celebrity gossip to report on the financially-strapped Singapore fleet, which is larger then the US and British Navies. “An armada of freighters with no cargo, no crew, and without a destination between them.”
Look familiar?
According to the piece: “The size of the idle fleet becomes more palpable when the ships’ lights are switched on after sunset. From the small fishing villages that dot the coastline, a seemingly endless blaze of light stretches from one end of the horizon to another. Standing in the darkness among the palm trees and bamboo huts, as calls to prayer ring out from mosques further inland, is a surreal and strangely disorientating experience. It makes you feel as if you are adrift on a dark sea, staring at a city of light.” Globalization effects all – as consumers are more reluctant to spend their money (or credit, as the case was the past two decades) thus, retail stores and suppliers have cut back on orders to stock their shelves. The trickle down effect goes all the way back to the people who make the product, and the vessels that ship them.
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