For the last decade and a half, the container shipping industry has been characterised by poor financial returns. Conventional wisdom holds that capacity expansion and poor utilisation have been to blame. However, there is also evidence that most container vessels are sailing reasonably full, despite large programmes of new build. This raises the question whether other forces are at work affecting the competitiveness of the industry. In view of possible consequences for employment, trade, industry and port policy, research is needed to understand the appropriate responses.