Maritime transport is the backbone of international trade and a key engine driving globalization. Around 80 per cent of global trade by volume and over 70 per cent by value is carried by sea and is handled by ports worldwide; these shares are even higher in the case of most developing countries. UNCTAD’s Review of Maritime Transport regulatory and legal frameworks. The Review also covers inland transport and intermodal connections. Keeping track of both long-term trends and the latest developments, the Review has become a standard reference work at a greater rate, by almost 10 per cent, as shipowners took delivery of vessels that had been ordered before for most shipping companies. For importers and exporters, however, the low freight rates helped to reduce transaction costs, which is important for helping to revive global trade.