This book analyses the causes and effects of the shipping market crisis in the 1970s and 1980s - the most severe of the twentieth century. It approaches the subject from three viewpoints. The first is the tanker sector, where the crisis began, spread, and caused the most damage. The second is from a national perspective - focusing on the impact on Norwegian shipping and shipowners. The third, narrowed further in scope, analyses the crisis from the business perspective of four individual tanker owners - taking into account their business strategies and eventual fates. The aim of the journal is to add to the knowledge of recent maritime history by examining the transformation of the industry during a period of rapid change. One distinct conclusion is that shipowners, to their detriment, assumed that the demand for tankers would continue to increase as it had consistently done so throughout the century thus far. The overall conclusion is that shipping is a cyclical industry, and that the oversupply of ships produced during the 1970s took its toll toward the end of the century. By 2004 and 2005, however, the industry began to bounce back, offering hope for the future. The book consists of an introductory chapter, seven chapters of analysis, a concluding chapter, select bibliography, and three appendices tabling Norwegian tanker statistics.