The shipping industry performed far better than expected in 2010 and, at least in the liner sector, the turnaround was simply stunning. The economic recovery is still far from being elevated to any level of fait accompli, but it did put to rest firmly the likelihood of a double-dip recession that some had conjectured. World output grew by about 5 percent in 2010 and trade in goods and services by 11.4 percent in contrast to its 11 percent decline in 2009. The longest post-World War II economic downturn in American history ended; unemployment figures are now heading in the right direction, and economic policies are bearing fruit even though at least 14 million Americans are still searching for a job.
U.S. Merchant Marine and World Maritime Review
By Shashi Kumar