Over 90 per cent of world trade is carried by the international shipping industry.
There are around 50,000 merchant ships trading internationally transporting every kind of cargo, from beer to crude oil. The world fleet is registered in more than 150 nations and is manned by more than a million seafarers of virtually every nationality.
In the autumn the UN will begin analysing a new convention aimed at overhauling how international shipping trade is governed.
This Shipping Special Report reviews the recommendations set out in the Convention on Contracts for the International Carriage of Goods Wholly or Partly by Sea.
The report looks at what the new convention will mean for existing governing structures and shows how the legislation has been stretched into new areas. This will clearly have insurance implications for the shipping industry and any lawyer specialising in this field will be kept busy – but will the clients adapt?