In 2008, influenced by China's success and its appetite for commodities, shipowners went on a___________ , and ___________ of vessels reached an all-time high. The __________ came the following year with the housing crisis, credit crunch and ____________ in the United States, which led to a ___________. Orders for ships dried up, and department stores and ____________ throughout the world had empty shelves. However, business is recovering and there has been a transformation of the industry from one that relied almost exclusively on a shipowner's innate ___________ to today's highly sophisticated finance-based industry.