The definitive comprehensive guide to the global shipping industry, blending five millennia of historical insights with rigorous economic theory to demystify the competitive dynamics of modern sea transport. The 3rd edition explores shipping market cycles dating back to 1741, the intricacies of supply, demand, and freight rates across the four key shipping markets, and the financial underpinnings of ship ownership, including costs, revenue, financing, and risk management. Newly expanded sections of the book delve into the geography of maritime trade, principles of bulk and specialised cargo transport, the economics of shipbuilding and recycling, regulatory frameworks, and the art and pitfalls of forecasting, making it the go to reference for students, industry professionals, and policymakers seeking to navigate the blend of logistical sophistication and entrepreneurial vigour that defines this vital pillar of the world economy.