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By Jim Davis CBE K（DK） International Maritime Industries Forum 1

Towards a European maritime transport space without barriers European Commission 3

Back to basics - as offshore financing enters deeper waters Societe Generale 7

The global downturn - a maritime perspective Aon BankAssure 12

What DVB Shipping Asset Management has to ofer shipping financiers and financial owners DVB Bank SE 15

The Forward Freight Agreement boom/bust - a cautionary tale Berwin Leighton Paisner LLP 18

Islamic finance: Past or future? Fichte ＆ Co Legal Consultancy 22

Is competition law facing a crisis of its own? Holman FenwickWillan 25

How safe is an ‘Un-SAFE' Guarantee Ince ＆ Co 28

Distress test - Dutch auctions Loyens ＆ Loeff N.V. 31

Lean times and insolvency Uria Menendez 33

Cancellation of loan agreements Kyllingstad Kleveland Advokatfirma DA 36

Tackling the scourge of piracy International Chamber of Shipping and International Shipping Federation 39

Refund guarantees - effective and reliable security in ship financing? Dr.Schackow ＆ Partner Rechtsanwalte 41

Ship financing - securitisation possibilities under Maltese Law Mamo TCV Advocates 45

Appendix 49

Ship loan league tables for 2008 Dealogic 49

Directory 55

Co-publishers 127

Advertisers' index 128