This book presents the financial performance of shipping industry since 1896 and how fortunes were made and lost through the market cycles. In addition to profitability of the maritime industry the book looks at the underlying causes that moved the shipping market, such as trade growth and supply influx. By reading the maritime press of the time we can track how views were shaped as events unfolded and thus evaluate where and when industry players got their speculative act right or wrong or badly wrong. The natural audience of the book includes maritime economists, economic historians and behavioural finance members of academia. Being simple in presentation, the book will also appeal to practitioners of the maritime industry such as shipowners, charterers, shipping financiers, shipbrokers, shipbuilders and others. Finally, the book will also appeal to financial investors outside shipping as a prime example of a speculative industry where ships are being bought and sold on speculation of future profits and resale gains.