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Empty cargo ships wait out the economy in Philippine ports

"Reporting from Subic Bay, Philippines -- The slump in global trade has left a growing armada of empty cargo ships and tankers cruising the seas in search of the cheapest places to drop anchor while they ride out the economic storm.About 1,000 of the world's shipping vessels are laid up for lack of freight, and the number could swell to several thousand in the next few years, Norwegian risk management foundation Det Norske Veritas reported this month. Popular Southeast Asian ports such as Singapore are turning ships away." (2009, Latimes.com)

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