The current study investigates a) the asymmetric cost behavior of shipping firms, b) the cost behavior of shipping firms according to the life cycle stage c) the relation of cost behavior with operating performance, d) the relation of cost behavior with operating performance across the life cycle stages, e) the differences between the Shipping, Construction and Transportation firms in terms of asymmetric cost behavior. The data sample used for the analysis of this research consists of 32,888 observations of Shipping firms and parallel Shipping firms. Two additional data-samples for the Construction and Transportation firms are used for the purposes of the fifth research question. The analysis process is relied on a combination of three methods: a) the sticky cost methodology, introduced by Anderson et al. (2003), b) the life cycle methodology, presented by Dickinson (2011) and c) measurement of operating performance relied on the proxies Return on Equity and Return on Assets. The results of the study show that shipping firms in general do not exhibit asymmetric cost behavior, but a rather symmetrical cost pattern. However, the cost analysis conducted according to each life cycle stage, manifests that in case of SG&A cost, an anti-stickiness cost behavior pattern is present in Growth, Mature and Shake-out Phases. In case of operating expenses, in the Introduction Phase, stickiness cost behavior is exhibited, whereas in case of Growth and Mature Phases, an anti-stickiness pattern is apparent. No correlation of cost behavior of shipping firms with their operating performance is generally verified. Statistically significant results concerning the cost behavior of shipping firms and operating performance are found for several phases in case of SG&A cost and operating expenses. Significant differences are reported in case of Shipping and Transportation firms, where a comparison between them is made. The results of the research are discussed in combination with the findings of other studies of the Greek and international literature and propositions for future research are made.