| In comparison with the rest of the world, the United States' Maritime Industry is subject to regulations that are more stringent and the compliance costs much higher. With a declining US shipping presence in the world market, regulations along with various operating constraints are reviewed in this paper and comparisons drawn between the United States and other maritime nations, both in the developed and Third World nations. Theoretical reasons such as the trade cycle theory will be used to explain the wider phenomena of the flight of tonnage from developed nations to Flag of Convenience nations. In conclusion, it is apparent that regulations have played and continue to play a major role in the decline of US shipping and that if existing regulations are not revised, the US shipping industry will continue to decline. |
