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PAGE 1 INTERNATIONAL SHIPPING:GLOBAL REGULATION FOR A GLOBAL INDUSTRY Source:[1]Krishna Prasad,Changing Role of Ship-Brokers,Journal of Information Technology,2004 [2]European Community,Overview of the International Commercial Shipbuilding Industry,First Marine International Limited.2003 [3]ICS,IMO,International shipping:Global Regulation For a Global Industry,International Chamber of Shipping,2007 Conclusions from Modal Workshop 4 at the 2009 International Transport Forum Statement by the International Chamber of Shipping (ICS) and the International Maritime Organization (IMO) The following statement reflects the discussion during Modal Workshop 4, International Shipping: Global Regulation for a Global Industry, which took place at the 2009 International Transport Forum in Leipzig, Germany, on 27 May 2009. Following several years of incredibly buoyant shipping markets, for many trades the best in living memory, much of the international shipping industry has fallen prey to the worldwide economic downturn. Shipping is inherently the servant of the economy, so the contraction in trade, following the beginning of the ‘credit crunch’ in late 2008, has translated into a dramatic and abrupt reduction in demand for shipping. Initially worst hurt were the containership trades. By the spring of 2009 some 10% of the fleet was already laid up, much of it too modern and expensive to go to recycling yards. However, the dry bulk trades have also been severely affected, particularly by the reduction in demand for raw materials from China, with spot market freight rates for some bulk carriers being a fraction of the peak prices achieved in 2008. By April 2009, rates for crude, product and chemical tankers had also fallen very sharply. In general most shipping markets present a rather bleak picture. A major concern of ICS national shipowners’ associations therefore is to discourage governments from responding to the crisis with protectionist measures, which will only dama