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The article provides information regarding the U.S. Merchant Marine as well as the global maritime sector. It discusses the dire situation on several carriers due to the declining asset values and relentless global credit crunch. It highlights several market developments including dry bulk market, tanker market, and liner market. It mentions the release of economic stimulus grants to be distributed among 70 U.S. shipyards by Transportation Secretary Ray LaHood.

This article reports that in 2004, the world's maritime community was euphoric with healthy market conditions prevailing in every related sector. It was the best year in decades, with all three major shipping markets, tanker, liner, and bulk reaching concurrent highs and every major shipyard in the world fully booked for the next three years. While the cyclical nature of shipping markets was never in question, what was uncertain was how precipitous the market decline would be after the 2004 historic highs.