Fully 46% of the price of shipping a container from Rotterdam to the Georgian capital, Tbilisi, is accounted for by transit through Georgia itself.

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According to Greg Zikos, chief financial officer of Costamare, a Greek shipowner which rents its vessels to container lines, they have come to their senses following last year's price war, and are now seeking profits, not market share.

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Since it takes two years to build a container ship, freight capacity is inflexible, so small changes in demand can cause marked changes in price.

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