Ghost Fleet Off The Coast Of Singapore

The Incredible Ghost Fleet Off The Coast Of Singapore
Jay Yarow|Sep. 14, 2009,

Ghost fleet Off the coast of Singapore is a collection of ships larger than the U.S. and English navies just sitting idle, waiting out the recession. It's a spectacular image, capturing our bruised global economy better than any we've see thus far.

The Daily Mail has pictures of the idled fleet, and the full story about the decline in the world's trade business.

At this time last year one of the massive cargo ships carrying 80,000 tons of cargo would cost $50,000 a day. Now it's just $5,500. To send a 40 foot steel container of goods from China to the UK cost $300,000 in the summer of 2008. Now it costs just $10,000. The world could have 25% of its ships sitting idle in the next two years.

While the President says the economy has been pulled from the brink, and economists say the recession has ended, these ships floating in Asian seas are a big reminder that we're still far off from recovery.
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