This handbook was awarded the Chojeong Book Prize in 2005 "for being a particularly significant contribution to the development of maritime transport, both at the academic and practical levels." "With its breadth, this book is an outstanding achievement; anyone who reads it will undoubtedly be much better informed about the world of shipping."

For 5,000 years, shipping has served the global economy; today it is part of an advanced system of transport services to every corner of the planet. Despite its economic complexity, shipping retains much of the competitive character and drive that define the "perfect" markets of classical economics. This blend of sophisticated logistics services and self-made entrepreneurs makes it a unique case study for classical economics in a modern environment. The expanded and largely rephrased third edition of Maritime Economics uses historical and theoretical analyses as a framework for the practical explanation of how shipping operates today.

While maintaining the structure of the second edition, the scope of the handbook has expanded and includes:

• Lessons from 5,000 years of commercial shipping history.
• Shipping cycles dating back to 1741, with commentary by year.
• Updated chapters on markets, shipping costs, accounts, shipping finance, and a new chapter on capital returns.
• New chapters on the geography of maritime trade, trade theory, and specialized cargoes.
• Updated chapters on the shipbuilding process, recycling, and the regulatory framework.
• A particularly revised chapter on the challenges and pitfalls of forecasting.

With over 1,000 pages, 200 graphs, maps, technical diagrams, and tables, "Maritime Economics" is now the most comprehensive handbook and reference source for the shipping industry; it remains a "readable book."