The globalisation of the markets and the increasing need for technical and managerial flexibility have led to changes and be4havioural innovations in the structure of shipping companies. This work aims at illustrating and analysing, within a framework based on localisation and trade theories, the evolution of the sector and, in particular, the proliferation of ship-management companies. Particular relevance is given to the role played in explaining the growing trend towards vertical disintegration and de-localisation of maritime activities by the stage, in its life cycle, reached by the "product" shipping. Furthermore, attention is drawn to the influence that, the so called "shipping milieu", might exert in the operators’ evaluation of the comparative advantage of different geographical contexts with respect to localisation and organisational decisions.
