What is Ship Management?

25/03/2022

Ship management, as the name suggests, deals with the process of managing a ship. Ship management is done by independent companies which use ships of some other companies or independent owners. 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 owner of the ship signs a contract and leases the ship to the ship management company for a defined duration of time. The ship owner may continue with the same management company or can approach another company if the he is not satisfied with the performance of a particular ship management company. It is to note that the owner can lease the ship completely or he can render some of the services provided by the ship management companies.

What Things are Included in Ship Management?

Managing ships is not an easy task. Ship management includes several tasks which are to be carried out before, during and after the operation of the ship. The first and foremost thing that a ship management company needs to do is get the ship approved. There are many approvals that are to be taken from different classification societies. However, the company can operate different types of vessels or just concentrate on any one type. For e.g. MSC (Mediterranean Shipping Corporation) deals with only container vessels, whereas companies like V ships, Anglo-Eastern manages all types of ships.

Now, if a management company wants to enter into a new field by indulging itself in operating different types of vessels, but is operating the vessel type for the first time then approval for operation is given for six months and their performance is evaluated, which will decide any further play casino online approval.

Services that a Ship Management Company Provides

Following are the services that a ship management company is entitled to provide:

1) The ship management company should do the supervision of the maintenance of machinery on board the ship. The process should also include different surveys and repair work of the ship.

2) The ship management company should provide adequate crew for manning the ship.

3) The company should arrange for loading and unloading of the cargo.

4) The ship management company can hire the ship on behalf of the ship owner.

5) The company should negotiate the contracts for bunker and lube oil.

6) The ship management company pays the expenses on behalf of the owner.

7) The ship management company should make an arrangement for the entry of the ship in the P&I (Protection and Indemnity) association.

8) The company also deals with various claims related to insurance, salvage etc.

9) The ship management company should arrange for the insurance in relation to the ship.

10) The ship management company’s services also include arrangement for providing victualling and stores for the crew of the ship.

Source: Marine Insight