When in 1982 States adopted the United Nations Convention on the Law of the Sea, the success of the new Convention was anything but certain, particularly in light of the controversy over the Convention’s regime for the exploration and exploitation of the deep seabed. Twenty years after the Convention’s entry into force in 1994, however, it can be concluded that the Convention has fared well, and that UNCLOS truly rules the waves. The present contribution offers a quick tour d’horizon of some of the main strengths and weaknesses of the UNCLOS regime, and the challenges ahead. It subsequently goes on to introduce the remaining contributions of the dossier special.