There is no denying of the crucial role played by shipping in our globalized world economy, as evidenced by the 90% share of sea-borne transport in the worldwide movement of goods. Therefore, there is no world trade without shipping. No other means imaginable would be capable of carrying clothes, food, oil, cars, electronics, etc. on such a large scale over thousands of miles. The shipping routes are the very arteries of our world economy, providing the system with its blood and oxygen.