Where is liner shipping heading?

THERE are two incompatible but widespread views on today's liner shipping industry. One is that it is a highly efficient money-making machine that is increasingly dominated by a few players, to the

detriment of cargo owners and, ultimately, consumers. The other is that, despite continual efficiency gains, unregulated competition and resulting overcapacity prevent the carriers from ever seeing sustained returns that could justify their huge investments.

The Global Shippers' Forum (GSF), of course, adheres to the first point of view. So, it …