Idled vessels turning to Subic Bay
Vessels looking for a place to anchor are beginning to pile up in Subic Bay, Philippines, according to a Bloomberg report Thursday.
As anchorages in Hong Kong and Singapore fill up due to an unprecedented number of vessel layups in recent months, ship owners are looking for new places to park unneeded containerships.
Officials at Subic Bay, a U.S. Naval port until 16 years ago, said 19 vessels are laid up and they are expecting another eight this week.
'If the downturn continues, we'll probably get even more,' Ferdinand Hernandez, senior deputy administrator of the Subic Bay Metropolitan Authority, told Bloomberg.
As of Monday, an estimated 453 containerships were idled, with more in the global dry bulk and car carrier fleets.