ABSTRACT
Sea trade is one of the great economic success stories of the last 50 years. Between 1950 to 1995 it grew from 0.55 bt to 4.3 bt, making shipping one of the fastest growing sectors of the post-war economy. Although this trend looks simple, it conceals a trading world seething with change. The growth path was irregular. Trade grew rapidly in the 1950s and 1960s, but there were two deep recessions in the 1970s and 1980s. Regional trade was constantly on the move. Two of the biggest trading regions, Western Europe and Japan, went through a cycle of growth until the early 1970s and stagnation for the next two decades. New high growth economies emerged in other areas, notably Asia and North America. The commodities trade changed. Some trades grew rapidly, many stagnated and some declined. A few new trades such as steam coal appeared and others like asbestos disappeared.
