Vol:.(1234567890) Maritime Economics & Logistics (2020) 22:514–516 https://doi.org/10.1057/s41278-020-00161-8 BOOK REVIEW Peter Lorange: Innovations in Shipping Cambridge University Press, 2020 Hercules E. Haralambides 1 Published online: 17 August 2020 © Springer Nature Limited 2020 I rarely review books myself. The present exception is made not only because of the book’s fascinating con- tents—a most lucid explanation of hotly debated shipping innovations and their ramifcations—but also as a small gesture of appreciation to a valuable member of this journal’s Editorial Board: Peter Lorange. The book ofers welcome new insights to an industry which, by general recogni- tion, is described as conservative, secretive and away from the spotlight of public- ity. I don’t recall how many times in the past have I heard the passionate plea of shipowners to governments and regulators: ‘please stay away and let us do our job the way we know it’. Fortunately or unfortunately, the complexity of present-day transport systems, particularly as regards their impact on and compliance with envi- ronmental demands, is making a plea like the above quizzical at best. Be that as it may, an outsider might not normally expect a high degree of innova- tion in shipping. Yet, Lorange, a renowned academician and shipowner, discusses 11 important and relatively recent innovations. He argues that there are two overriding issues that drive innovation in shipping: company strategy in general, and company overall portfolio strategy in particular. The role of the shipowner is crucial in both strategies. There are indeed those, claims Lorange, who through deep knowledge of markets and of the complexity of the business, stay always on top of things, pushing innovation ahead; and then there are those who, either because of intrinsic compla- cency or lack of understanding, are just followers and onlookers. We have a saying in Greece which I don’t mind quoting in the language of this world’s most acclaimed shipowners: ‘πενία τέχνας κατεργάζεται’. Liberally, ‘it is the hungry who strive most for survival’. And this is what Peter also says in his book: In good times, everyone—owners, shipyards and more—is happy. They sit back and rest on their laurels. Only when shipping markets are in the doldrums, there seems to be a real drive for innovation. The preoccupation now is to reduce costs and improve efciency; innovation plays an essential role in both cases. Privately * Hercules E. Haralambides haralambides@ese.eur.nl 1 Sorbonne University, Paris, France