Bulk shippers hit by perfect storm as global economic doldrums take toll

Hong Kong

OFF the coast of a nearly deserted island below the southern tip of Hong Kong, at least 10 massive ships - which usually carry hundreds of thousands of tonnes of coal or iron ore - lie idle near one of the world's busiest sea routes.

These empty vessels paint a grim picture for the dry bulk shipping business that veterans of the industry say is grappling with an unprecedented crisis of too many ships and not enough cargoes. The hollow boats underscore the global economic doldrums which policymakers are struggling to overcome.