This manual was awarded the Chojeong Book Prize in 2005 "because it constitutes a particularly significant contribution to the development of maritime transportation, both at an academic and practical level". "With its scope, this book is an outstanding achievement; anyone who reads it will undoubtedly be much better informed about the world of shipping" Lloyds List, December 17, 1997

For 5,000 years, shipping has served the global economy; today it is part of an advanced transportation system to every corner of the planet. Despite its economic complexity, shipping maintains a large part of the competitive character and impetus that characterizes the "perfect" markets of classical economics. This mix of sophisticated supply services and self-made entrepreneurs makes it a unique case study for classical economics in a modern environment. The expanded and largely restructured third edition of Maritime Economics uses historical and theoretical analyses as a framework for the practical explanation of the current functioning of shipping.

While maintaining the structure of the second edition, the scope of the manual has increased and includes:
- Lessons from the 5,000-year history of commercial shipping.
- Shipping cycles dating back to 1741, with year-by-year commentary.
- Updated chapters on markets, shipping costs, accounts, maritime finance, and a new chapter on capital returns.
- New chapters on the geography of maritime trade, trade theory, and specialized cargoes.
- Updated chapters on shipbuilding process, recycling, and 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 manual and reference source for the shipping industry; at the same time, as one critic has pointed out, it remains a "readable book".