*Is it any wonder why I don't sleep? The only consolation is that I know there are many others just like me and we are all in this together. Go and check out these photos. I thought the oil cargo tankers were bad enough. Shipping around the world has come to what appears to be a virtual standstill. After the rigging of the 3rd quarter with GDP through the roof from Cash for Clunkers, we will see the consumer come back alright, from night of the living dead to dawn of the dead. GOOD LUCK! I say it again, revamp bankruptcy laws Congress or courts will do your job for you (as usual).
PS: JP Morgan BofA and Capital One all are reporting more charge offs for credit card losses. So price goes up while volume drops like a rock, but no one notices right? IJIOTS!
Revealed: The ghost fleet of the recession
By Simon Parry
The biggest and most secretive gathering of ships in maritime history lies at anchor east of Singapore. Never before photographed, it is bigger than the U.S. and British navies combined but has no crew, no cargo and no destination - and is why your Christmas stocking may be on the light side this year
Business for bulk carriers has picked up slightly in recent months, largely because of China's rediscovered appetite for raw materials such as iron ore, says Huxley. But this is a small part of international trade, and the prospects for the container ships remain bleak.
Some experts believe the ratio of container ships sitting idle could rise to 25 per cent within two years in an extraordinary downturn that shipping giant Maersk has called a 'crisis of historic dimensions'. Last month the company reported its first half-year loss in its 105-year history. Martin Stopford, managing director of Clarksons, London's biggest ship broker, says container shipping has been hit particularly hard: 'In 2006 and 2007 trade was growing at 11 per cent. In 2008 it slowed down by 4.7 per cent. This year we think it might go down by as much as eight per cent. If it costs £7,000 a day to put the ship to sea and if you only get £6,000 a day, than you have got a decision to make.
'Yet at the same time, the supply of container ships is growing. This year, supply could be up by around 12 per cent and demand is down by eight per cent. Twenty per cent spare is a lot of spare of anything - and it's come out of nowhere.'
These empty ships should be carrying Christmas over to the West. All retailers will have already ordered their stock for the festive season long ago. With more than 92 per cent of all goods coming into the UK by sea, much of it should be on its way here if it is going to make it to the shelves before Christmas. But retailers are running on very low stock levels, not only because they expect consumer spending to be down, but also because they simply do not have the same levels of credit that they had in the past and so are unable to keep big stockpiles.
Lights from the fleet of ships illuminate the night-time horizon
Baltic Dry Index (BDI) is down yet again -19 2431
*too many ships NOT carrying ANY goods!