The Times reports the growing trade in shark fins and its impact on shark populations worldwide.

Dr Baum’s study of the US Atlantic coast found that the number of scalloped hammerheads fell by 98 per cent between 1970 and 2005. Great white, tiger and smooth hammerhead sharks have declined at a similar rate. Sharks have been “functionally eliminated” from the region, she said.

The main driver in the increased fishing of sharks is the demand for shark fins in China, which leads to an enormous number of fins being sold.

Some sharks are killed as bycatch by tuna fisheries, but more and more are being deliberately hunted for their fins, which are considered a delicacy in China. The country’s economic boom has increased demand for fins, which are often served at weddings and important business dinners. Fins sell for as much as £150 a kilogram.

Between 26 million and 73 million shark fins are sold in the main Hong Kong market every year, more than three times the total declared to the UN Food and Agriculture Organisation, Dr Baum said.

Globally, the black market in animals and wildlife is worth $20 billion, with the market estimated at $500 million in China.