The maritime industry has had a remarkable run over the past five years, which I have chronicled in Proceedings ' Naval Review issues. Last year turned out to be a watershed, and my analysis is replete with many unwavering signs of market uncertainty. Although the level of profitability in various shipping markets and sub-markets remains respectable compared with the lackluster 1990s, 2007 will go down in shipping annals as a turbulent year.
