The writer has attempted in the present article first to investiqate whether shipping industry is poor countries' business more favourable to them, compared to wealthy nations in terms of comparative cost of operation and to analyse how can developing conntries afford to maintain a modern fleet; secondly to examine the economic aspect of the situation created by the UNCTAD V held in May this year, at which passed a resolution demanding "the right of all countries to an equitable participation in the carriage of cargoes generated by their own trade"; and thirdly to adduce conclusions. The article contains six chapters; chapter I is the introduction on the subject under examination; chapter II provides background information on the structure of the industry and of the operating cost of ship; chapter III addresses itself to the legal backgrounds of ensuring free transfer of resources among nations and free competition of shipping; chapter IV deals with the recent development of shipping nationalism of developing countries at the UNCTAD; chapter V discusses division of labour in shipping and in particular the survival mechanism of high-cost countries; and chapter Ⅵ sets forth conclusion.onclusion.