The ghost fleet of the recession anchored just east of Singapore

[Triple Zero]

http://www.dailymail.co.uk/home/moslive/article-1212013/Revealed-The-ghost-fleet-recession-anchored-just-east-Singapore.html

so apparently, there's zillions of empty mega cargo ships hanging around near singapore, according to the article, a "fleet" larger than the US and UK navies combined. 12% of the global cargo fleet, expected to rise to 25% of idleness.

the ships are supposed to be transporting our christmas electronics or some such, but because of the recession, retailers are expecting less consumer buying power, plus they don't have the credit for large stocks anymore.

more crazy is that South Korea is still building ships by the fleet, because building a mega cargo ship is kind of a large project, the contracts have been signed in 2006/2007. so these shipyard workers in SK are still building huge ships that nobody actually really wants anymore.

the upshot of this story is that you can now buy a mega cargo ship for as little as €4000, or chartering an entire bulk freighter suitable for carrying raw materials from China to the UK for just €7000! who wants to go on a cruise? :-D

[Sir Squid Diddimus]

I do!!
Can we have pina coladas on the ledo deck??

[Faust]

http://www.dailymail.co.uk/home/moslive/article-1212013/Revealed-The-ghost-fleet-recession-anchored-just-east-Singapore.html

so apparently, there's zillions of empty mega cargo ships hanging around near singapore, according to the article, a "fleet" larger than the US and UK navies combined. 12% of the global cargo fleet, expected to rise to 25% of idleness.

the ships are supposed to be transporting our christmas electronics or some such, but because of the recession, retailers are expecting less consumer buying power, plus they don't have the credit for large stocks anymore.

more crazy is that South Korea is still building ships by the fleet, because building a mega cargo ship is kind of a large project, the contracts have been signed in 2006/2007. so these shipyard workers in SK are still building huge ships that nobody actually really wants anymore.

the upshot of this story is that you can now buy a mega cargo ship for as little as €4000, or chartering an entire bulk freighter suitable for carrying raw materials from China to the UK for just €7000! who wants to go on a cruise? :-D

Thats like a 20th the cost of a house in ireland, I should make my home a super cargoship

[Payne]

The Discordian Commune idea just got a massive shot in the arm.

Shit yeah, we could travel the world in a giant container ship!

[Jenne]

SCURVY FOR EVERYONE!

[The Good Reverend Roger]

This is how the end begins.

[Mesozoic Mister Nigel]

http://www.dailymail.co.uk/home/moslive/article-1212013/Revealed-The-ghost-fleet-recession-anchored-just-east-Singapore.html

so apparently, there's zillions of empty mega cargo ships hanging around near singapore, according to the article, a "fleet" larger than the US and UK navies combined. 12% of the global cargo fleet, expected to rise to 25% of idleness.

the ships are supposed to be transporting our christmas electronics or some such, but because of the recession, retailers are expecting less consumer buying power, plus they don't have the credit for large stocks anymore.

more crazy is that South Korea is still building ships by the fleet, because building a mega cargo ship is kind of a large project, the contracts have been signed in 2006/2007. so these shipyard workers in SK are still building huge ships that nobody actually really wants anymore.

the upshot of this story is that you can now buy a mega cargo ship for as little as €4000, or chartering an entire bulk freighter suitable for carrying raw materials from China to the UK for just €7000! who wants to go on a cruise? :-D

Hey, who wants to become pirates?!

[Bebek Sincap Ratatosk]

                                             Avast There ye Mateys!
                                                   \

[Cain]

Piracy is really only a summer job.

Seriously, check the stats on when attacks happen.

[Jenne]

It's like Ramadan and bombings.

[The Good Reverend Roger]

This is actually very serious.  Consider:

1.  The current economic crisis is driven by the failure of certain social fictions.  There is nothing actually wrong with the means of production and transportation.

2.  The first thing companies cut in a recession is training.  The second thing is maintenance.  Most of you probably have no idea what kind of manpower is required to keep industrial equipment operational.  The odds of struggling shipping companies having the funds to maintain mothballed fleets are very low.  Most of these ships are receiving little or no maintenance, in a wet, salty environment (and wet, salty environments LOVE eating equipment).

3.  What number two means is that we are no longer facing non-real obstacles to the economy.  Between 12%-25% of our transportation capacity will be crippled, if not rendered completely useless.  Good luck with that recovery.

[Mesozoic Mister Nigel]

Somebody's going to have to invent teleportation right soon now.

I was going to be working on that, but they finally caught on to the fact that I don't have my GED. And I don't have $100 to get it, either. No college for me until next year.

[Cain]

All true.  I've been following the drop in global shipping since stories appeared about it, in January/February this year.  Interestingly, it didn't seem to be caused directly by the subprime mortgages and subsequent squeeze on credit, because the stimulus packages had no effect on the industry.  This was one of the reasons I was so sceptical about a recovery, because it showed ploughing a ton of cash into the banks couldn't change the simple fact that consumerism is currently dead in the water.  There is no way to spend out of this recession, because we spent more than we earnt (collectively, as countries) throughout the 90s and 2000s, with the expectation of further growth. Its like a pyramid scheme, it only works so long as you have more suckers willing to pick up the tab.  When the scheme fell apart, with the subprime loans, suddenly, credit was cut and the banks wanted their money back.  And with a jobless recovery, people don't have money to spend.

[The Good Reverend Roger]

Somebody's going to have to invent teleportation right soon now.

Yeah, so we can start teleporting bombs into each others' capitols.



TGRR,
Understands monkeys.

[The Good Reverend Roger]

All true.  I've been following the drop in global shipping since stories appeared about it, in January/February this year.  Interestingly, it didn't seem to be caused directly by the subprime mortgages and subsequent squeeze on credit, because the stimulus packages had no effect on the industry.  This was one of the reasons I was so sceptical about a recovery, because it showed ploughing a ton of cash into the banks couldn't change the simple fact that consumerism is currently dead in the water.  There is no way to spend out of this recession, because we spent more than we earnt (collectively, as countries) throughout the 90s and 2000s, with the expectation of further growth. Its like a pyramid scheme, it only works so long as you have more suckers willing to pick up the tab.  When the scheme fell apart, with the subprime loans, suddenly, credit was cut and the banks wanted their money back.  And with a jobless recovery, people don't have money to spend.

Yep.  And now the infrastructure is beginning to rot.

Fortunately, our collective politicians are rearranging the deck chairs on the sinking ship of commerce, and things will be right as rain in no time.  And the band played on.