This article aims to analyse the geographical redistribution of tonnage between trades and the deteroration in the quality of large dry bulk carriers which has occurred in recent years. There has only been marginal growth in the quantity of such tonnage, but there has been an increasing concentration of the higher quality capacity in the Pacific basin to the detriment of the tonnage trading in the Atlantic basin. This discussion concenrates on dry bulk carries and combination carries of 80,000 d.w.t. or more using data for 1989 and 1993. After an initial examination of the ageing of these vessels, the remainder of the discussion focuses on change. Alterations in a vessel's name, its flagregistry and of the classification society within which it opreates are all seen an indicators of a vessel's deteriorating condition. The article concludes with an examination of the structure of ship owning. This analysis concentrates on a number of single voyages in coal or iron ore. There is no claim to absolute accuracy on this research and there is further, in such a board analysis (collated by P&O Bulk Shipping). the problem pf comparing like with like but it does illustrate important trends responses in international sea borne trade.