ABSTRACT
Shipping is a fascinating business. Since the first cargoes were moved by sea more than 5,000 years ago it has been at the forefront of global development. The epic voyages of Columbus, Diaz and Magellan opened the maritime highways of the world, and the same pioneering spirit brought supertankers,1 container-ships, and the complex fleet of specialized ships which each year transport a ton of cargo for every person in the world. No business is more exciting. The great shipping boom of 2004 swept the industry from rags to riches in little more than a year, making its fortunate investors some of the wealthiest people in the world. This sort of volatility created superstars like Niarchos and Onassis, and a few villains like Tidal Marine, which built up a 700,000 dwt (deadweight tonnage) shipping fleet in the early 1970s and were indicted with a number of their bankers for fraudulently obtaining more than $60 million in loans.2
