From the sheltered waters of Subic Bay in the Philippines to Falmouth on the south coast of England, a vast, swelling armada lies idle. In Asia's deep-sea havens 750 vessels-container ships, bulk carriers, tankers, car carriers and others-are laid up. A further 280 are sheltering in European waters. According to Lloyd's Marine Intelligence Unit, nearly 10 percent of the world's merchant ships are swaying gently at anchor because of a collapse in global trade.

Worse, there is a huge supply of new ships on order and due off the slipways over the next four years.

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