The Ghost Fleet - Myth or Reality?

This Daily Mail Online article got a lot of attention a couple of weeks ago, as the image purports to show a vast fleet of empty cargo ships lying at anchor of the coast of Johor Baru, not far from Singapore. The image seems in fact to show mostly vessels a good deal smaller than cargo ships, and there appears to be a “vast fleet” of ships at anchor off Singapore even in healthier economic times. So is this Ghost Fleet a myth or reality?