Bulls vs. bears.

BYLINE: BY PETER TIRSCHWELL

Container lines have been ordering massive ships at a torrid pace over the past six months, and this has sparked a debate over the eventual impact on freight rates.

The two sides' views can be summarized as follows: The bears believe too many ships have been ordered, the result of pack mentality rather than cool-headed analysis, and that acceptable returns from this tonnage rest on the precarious perch of several more years of robust growth in the Asia-Europe trade. The bulls urge caution, believing that second-guessing container shipping demand is a questionable proposition, especially two to four years before when the new round of …