From the palm-fringed beaches of Singapore's east coast, it is possible to see the islands of Indonesia across the narrow strait that separates the two countries.
These days, though, the view is obscured by hundreds of ships lying at anchor, some of them part of the estimated 10 per cent of the world container fleet idled due to lack of business. At the ultra-modern Pasir Panjang container terminal stacks of empty containers piled up behind protective fencing tell a similar story.
