Negative Blogs

Aboard the Svend Maersk, the sound of the ship’s five-story high engine permeates like a heartbeat through the four-football field length of ship.

It’s also the heartbeat of the world economy, as the Maersk takes its thousands of containers filled with shoes, computers, furniture and fireworks from China to markets in Europe.

But a more telling sight is when the massive vessel nears Singapore and passes by dozens of idle ships.

“A lot of ships have been taken out of service or laid up. Instead of sailing with half empty ships, it’s cheaper to lay up the ship,” said Bo Nikolaisen, captain of the Svend. “I feel lucky, of course, that I am on a ship that is still working.”

A 10 percent drop is expected this year in the shipping business, which one analyst called “a $20 billion black hole.” It’s an industry that is a prime indicator of the global economy — 90 percent of world trade is carried on ships such as the Svend Maersk to ports and onto shops around the world. NHMA