At present, it is estimated that approximately 1,000 vessels are laid-up around the world’s anchorages. According to the Classification society Det Norske Veritas, the overcapacity of vessels could reach 10,000 with some 6,000 laid up by 2013.

However, this is not bad news for everyone. It can be a business opportunity. Indeed, in Southeast Asia, sheltered bays are being marketed as safe havens of unemployed tonnage. Bays in the Philippines are being touted as ideal low-cost locations to park vessels.