Little changed over 133 years. Then, as now, the trade was entering an economic recession with declining freight rates and owners trying to work out the economics of laying up tonnage versus continuing to deploy ships. What is amazing is that the Conference system survived two world wars, numerous conflicts and 28 recessions as well as a changing industry with new national lines, new technology (steam to diesel, general cargo to containers and mega ships). During this time many of the rules of engagement changed. In virtually all cases price fixing, beyond a common base tariff that everyone now ignores, became illegal and was replaced by confidential contracts.

By the 21^st Century time had finally caught up. Many of the basic tenants of a conference agreement were gone, leaving on common surcharges and suggested rate increases which could not and were not enforced. The European Commission finally reached agreement with Member States and now the cartel is illegal as of October 17^th. The economic validity of the system could no longer be sustained in a highly competitive environment.

What of the future? Non-European trades may still operate with conferences and discussion agreements but none are allowed to discuss pricing. In Europe the lines are coming together to form a new trade association that has many of the features of the past, but it will strictly adhere to the rules of competition. It has a broader memberships than the conferences it replaces.

"The King Is Dead, Long Live The King."