ABSTRACT
Ninety percent (90%) of the world trade is carried by the international shipping industry. Without shipping the import and export of goods necessary for the modern world would not be possible (Shipping and world trade, 2007). Seaborne continues to expand, bringing benefits for consumers across the world through low and decreasing freight costs. The growing efficiency of shipping as a mode of transport and increased economic liberalization, and the prospects for the industry’s further growth continue to be strong. There are around 50,000 merchant ships trading internationally and transporting almost every kind of cargo.
