The importance of international liner shipping needs little emphasizing. A large majority of international trade moves by sea, and the liner shipping share in total freight revenue exceeds one-half. Notwithstanding, people in general know surprisingly little about the basic facts of the liner shipping industry, and, in particular, about the economics ofliner shipping. Perhaps because it is an international industry, where shipping lines flying many different flags participate, it has tended to fall in between national accounts of domestic industries. Even transport economists have, generally...