Worlds largest navy is unknown.

Off the coast of Singapore is the worlds largest fleet of ships. They have no crews, no cargo and no destination.

They are parked here because of the global recession that governments around the world would rather that you ignore.

The rates for shipping have declined drastically in the last 10 months. Back then it used to cost about $50,000 a day to charter a 80,000 ton ship now it is about $6,000 a day.

The number of ships joining this fleet continue to expand and is now over 500. While shipping declines by 8% a year new ships that equal 12% of global capacity are still being built . That means that the surplus of ships is growing due to orders that were placed up to 3 years ago.

The Baltic Dry Index measures all this and this shows that global shipping is still in decline and the global economy cannot improve if this is the case.