Is it possible to load a shapefile to a PostGIS database by replacing the content of the table with the new content of the shapefile WITHOUT DROPPING the table? 

I want to do this using ogr2ogr.

In the past I have used shp2pgsql, which gives you the option of four flags (-drop|-append|-create|-prepare) but none of these options actually maintains the table and deletes the data.

Is there something like this in ogr2ogr?