This issue of the Bulletin provides a brief overview of the maritime transport industry in Latin America and the Caribbean, with a focus on the behaviour of freight rates and the costs associated with chartering and shipbuilding, all of which increased sharply in 2003. Three separate markets will be analysed: 1) the containerized general cargo market; 2) the dry bulk cargo market and 3) the liquid bulk (crude oil and oil products) market. This study has incorporated contributions made by professional experts in the field and institutions associated with ports and maritime transport in the region, received subsequent to the study prepared and disseminated in January 2004.