Yes - congestion but still taking supply out of the equation. Once congestion eases and the ships in singers get back in the market there will be a massive over supply and hence more pressure on the markets..
I should add that the ships in Singapore arent just sitting there waiting for a job...
I know all those guys who are quoted in the article. And yes shipping is in a funny place - remeber all that chat about the Baltic Dry Index. Well thats why the ships are there. The shipowners have taken these ships out of the market in order to limit supply - its called putting a ship into...
