Ship Management Ship management deals with managing a fleet or a single vessel. The ship management company manages ships for the owner and pays him the yearly amount, which is settled between the owner and the ship management company. Moreover, the ship’s owner signs a contract and leases the ship to the management company for a duration. The ship owner may continue with the same company or approach another if he is not satisfied with the performance of that company. The owner can ultimately lease the ship or render some of the services such companies provide. Hiring a ship management company can be advantageous for shipowners without prior experience in the field or those who might not have the time and capacity to undertake the task. It saves time and resources for the owner while also earning significant profits. Ship Management Companies Some of the biggest ship-management companies include the V-Group, Schulte Group, OSM Group and Thome Group. These companies manage various assets, including tankers, gas carriers, passenger vessels, cargo ships, cruise vessels etc. Through efficient crew recruitment, they have built a substantial onshore team with relevant experience in providing technical services to meet the ship’s or fleet’s specific needs. Their success is attributed to transparency, and service quality provided to the clients, catering to their high standards and individual preferences. The services offered can be divided into three categories- technical management, commercial management and crewing management. Many shipowners outsource such services from companies based in Singapore, Connecticut, Rotterdam etc. What Is Included in Ship Management? Managing ships is not an easy task. It includes several functions to be carried out before, during and after the vessel’s operation. The first and foremost thing is to get the ship approved. Many approvals need to be taken from different classification societies. However, the company can operate various types of vessels or concentrate on any one type. E.g. MSC (Mediterranean Shipping Corporation) deals with only container vessels, whereas companies like V ships and Anglo-Eastern manage all types of ships. Suppose a management company wants to enter a new field by operating different vessels but is operating the vessel type for the first time. In that case, approval for operation is given for six months, and their performance is evaluated, which decides any further approval. Services Under Ship Management The following are the services that a ship management company is entitled to provide: 1. The company should supervise the maintenance of machinery onboard the ship. The process should also include different surveys and repair works. It should arrange and manage dry dockings and overlook the whole process. It has to arrange for sampling and testing of bunkers. 2. It should ensure that the ship complies with Flag State’s requirements and the classification society’s recommendations. 3. It should also comply with the ISM and ISPS Code. 4. The company should provide a good crew for manning the ship. It also undertakes crew training, career development, and everything related to its payrolls, insurance and other employee benefits. 5. It should arrange for the loading and unloading of the cargo. 6. It can hire the ship on behalf of the ship owner. 7. The company should negotiate the contracts for bunker and lube oil. 8. The company pays the expenses on behalf of the owner. 9. It should a