On 16 November 2004 international community will commemorate the tenth anniversary of the entry into force of the Montego Bay Convention. The number of parties to the Convention currently stands at 145. This represents considerable progress towards universality. Ten years after its entry into force state practice has shown a strong adherence to its principles and norms. The Convention established the International Seabed Authority, the International Tribunal of the Law of the Sea and the Commission on the Limits of the Continental Shelf. The law of the sea is at present challenged by new urgent and complex problems such as terrorism, piracy, organized crime, overfishing and degradation of the marine environment. It articulates the need of evolution and accomodation to the changing realities and interests. Nevertheless, whatever emerging issues the international community will face in the future, the Convention will provide the necessary legal framework for the steady evolution of the law of the sea.