Abstract
Over 80 percentage of world trade by volume is transported by sea. Shipping
forms the backbone of world trade. For past three decades the year on year
increase in shipping trade has been close to 3 percent. Major part of such
trade has either its origin or destination in China. To keep pace with the
increase in demand for shipping pre 2007-2008, shipping companies have placed
huge orders. This was majorly because of anticipation of continued growth in
shipping demand and huge lag between ordering and delivery of ships.
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