Nearly two-thirds of world shipping is done under flags of convenience. The significant over-tonnaging, subsidies and/or restrictions, and shipping friendly policies present in many countries create strong competitive pressures. Unfortunately, the US and British merchant marines are in serious decline. But the Japanese, Chinese, Greeks and Scandinavians are thriving at sea, and many European Union, Asian and former Eastern bloc nations are likely to remain determined competitors. US maritime policies need overhaul and a more realistic outlook. This book reviews the long history of US shipping policy and explains the present challenges (including the increasing use of open register arrangements). US labour problems, tort and liability risks, environmental and safety regulations and coastal and harbour security issues receive heavy emphasis. Options for reviving US shipbuilding are analysed, along with balance of payments implications, and sealift and national security requirements. The book offers a detailed programme for American maritime renewal. It is intended for maritime, national security, international trade and foreign policy audiences. Extensive data and tables allow for a comprehensive assessment of the US merchant marine and the global shipping industry, with substantial historical background.