Ⅰ. Review the past of 1994 international shiPPing market: 1994 saw world economy begin a new cycle of boom. The economy of the West was on the way to a complete recovery, and that of East Asia was keeping up its steady growth. ACCOFding to the estimation 0f International Monetary Fund, the 1994 growth rate of world economy was 3% and that of world—trade volume was about 5%. Thanks to these factors, the international shipping market had also Undergone considerable changes. 1. In 1994,world dry—bulk shipping market first sagged and thenstiffened. Affected by the negative growth of the