ABSTRACT
Over four-fifths of the international trade of the world, measured by weight of goods, is carried by the shipping industry. In recent years it has witnessed rapid and manifold changes arising from the increasing volume and changing pattern of world trade, from the emergence of new nations with new maritime priorities and from technological change, most clearly seen in the immense increase in the size of certain vessels and in the revolution in cargo handling brought about by the use of containers. There has been a massive increase in the carriage of oil by tankers and a great contraction in the operation of passenger liners as the improving technology and efficiency of airliners has won customers from them.
