This book provides an empirical analysis of the role of shipbuilding in the large shipping world. A large amount of studies on shipping markets are based on the efficient market theory. However, given the unpredictable and ever-changing nature of shipping industry, it is not convincing to study the market statically. This book looks into the dynamics between freight and shipbuilding markets in a more delicate way: the interaction among freight rate, shipbuilding order and delivery. It focuses specifically on the factor of ‘time lag' between different shipping segments through a comprehensive econometric analysis. Shipbuilding variables do not interact with other economic variables in a static way, the dynamics among freight rate, shipbuilding order and delivery act in a cyclical manner. While the shipbuilding market largely depends on the operating environment of other shipping markets, it influences back freight market profoundly.