also known as the Festival of Lights or Floating Lantern Festival
krathong = basket or vessel and loy = to float
By releasing your krathong onto the water you are letting go of anger and bad luck you've been holding onto during the past year. It is also a way of paying respect to the water goddess andfor the water itself while asking forgiveness for polluting it. Though, in reality, the lighting of these individual lanterns creates its own pollution with tonnes of rubbish needing to be collected out of the rivers the day after. It is now recommended that eco friendly krathongs be used (example: banana leaves or coconut shells)
If, like me, you are not able to be there in person, you can read about what you're missing here
Participating in NaBloPoMo (where I seem to have problems commenting on some blogs - specifically any on Wordpress)