Much is known of the extent, methods and significance of conferences as a means of regulating competition in overseas shipping. They were introduced among liner companies running to a fixed schedule in a particular trade. Tramp conferences were unlikely to succeed because such ships did not ply one regular route but rather worked whatever cargo and route was available, making mutual pricing a nightmare. Tramps also were often operated by merchants to carry their own goods and were not interested in collaborative action. Conferences in overseas trade appeared with the advent of the long-distance steamer which ensured reasonably reliable arrivals and departures. Sailing ships depended too much on fickle winds and tides to run to a strict timetable. Conferences were most likely to succeed where valuable or perishable commodities needed regular and rapid transit. For instance, the tea trade from the Far East, carried so famously by clipper ships until the 1870s, was confined to steamers belonging to the Far Eastern Freight Conference after its inception in 1879. Other cargoes could await the unscheduled but cheaper freighter.

The earliest conference in foreign trade was established in August 1875 for shipping from the United Kingdom to Calcutta. One had been projected in 1869 for the North Atlantic but failed to materialize, and some sailing ship brokers attempted to form rings to fix freight rates on the more regular routes. From that beginning conferences spread rapidly into most trades so that by 1895 they were “in all the major trades from Great Britain, with the exception of the North Atlantic,” and by 1913 they “regulated most of the cargo exported from the UK” except coal.

Although there were variations, the common features of conferences have been identified. A schedule of freight rates was agreed to which all members adhered. Deferred rebates were pioneered in 1877 by the Calcutta conference to encourage shipper's loyalty, since the rebate was conditional upon the merchant sending all goods only via conference ships in the qualifying period. This worked sufficiently well for it to be adopted by many later conferences. In most cases conference ships ran to a regular schedule of sailings to ensure that goods were not kept waiting for transportation. Within the conferences there were also often confidential pooling agreements which usually took the form of “joint purses” where all receipts were divided between the participants on some pre-arranged basis.