The document discusses the liability of shippers and receivers of goods when transporting dangerous or hazardous cargo by sea. It notes that over 50% of shipped goods can be considered dangerous, but most shippers and receivers do not carry liability insurance. Two incidents are described where misdeclared cargo caused explosions that resulted in over $300 million and $100 million in losses respectively. The document examines international shipping regulations and debates whether strict liability should apply to shippers in such cases based on their knowledge of the dangerous nature of the goods. It concludes the Rotterdam Rules were a missed opportunity to address the imbalance of unlimited strict liability for shippers.