Not nearly yet, and let's hope international trade keeps growing. But if the world goes into recession, if safety problems cause a significant decline in demand for Chinese products, or if anti-trade forces gain sway in Washington, shipping could take a hit.

One signal indicator of the industry's optimism is at left: the Emma Maersk. Launched last year and now plying the Shanghai-Bremerhaven route, the Emma is the biggest-ever container ship. It holds 14,000 cargo containers. It's 4.3 football fields long. And it's too fat for the Panama Canal. Here's hoping it doesn't go down in history as a white elephant.