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Container shipping and the Markov chain

Knock-on effects are propelling the sector to dizzying heights

It just gets better and better for the carriers in term of profits, as more parts of the global supply chain clogs up. That is no one’s fault really; and it can be put into a statistical and mathematical model – it even has a name to it: a continuous-time Markov chain. A Markov chain is described as a sequence of possible events in which the probability of each event depends only on the state attained in the previous event.

This may help to comprehend the ripple effects caused by several and...

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