MAXIMISATION of export earnings is a self-evident objective for nearly all less developed countries (LDCs). Though their GNP grew from 9.1 per cent to 95 per cent of world GNP during the decade 1950-60, and to 10 per cent of world GNP in the next decade, their exports declined fr6m 33 per cent of world exports of $ 62 billion in 1960 to 23 per cent of world exports of $ 130 billion in 1960 and further to 10 per cent of world exports of $ 310 billion by 1970-1 While this phenomenon has many aspects to it, this paper deals with the aspects of shipping involved in LDCs exports. The total world tonnage of shipping increased by over 100 per cent in the decade of the 1960s to 325 million DWT in 1970. At the same rate of expansion the world fleet by 1980 would be of the order of 650 million DWT. In 1970, LDCs owned about 23 million DWT and this has gone up to about 26.5 million DWT in 1974.
