ABSTRACT
Shipping has always been a cyclical industry (Stopford, 2010) characterized by high volatility in freight rates (e.g. Kavussanos, 1996) and potential excess of capacity (e.g. Cariou, 2008). These characteristics vary considerably depending on the specific sector (e.g. container, dry bulk, tanker markets) but they are a strategic issue for all the shipping operators. Thus, shipping companies have always tried to mitigate cyclical effects – impacting on both competition and business uncertainty – through a series of collaborative actions (e.g. Haralambides, 1996; Heaver et al., 2000).
