Abstract
Abstract Ship management, in its purest sense, is the outsourcing of the management of a vessel or vessels to a qualified ship manager who provides, for an agreed fee, crew management and/or full (technical) management and/or commercial management services. If there is one element of shipping that has a business plan that revolves around growth during times of adversity when freight rates are falling, then it is clearly the ship‐management sector. It is at times of cyclical downturn that shipowners might retrench and focus their attention sharply on operating expenses in order to weather that downturn. With only 15% maximum of the world fleet under third‐party ship management, there is a strong school of thought that says that there is considerably more room in the market for ship managers' services. Rising operating costs, increasing levels of legislation, and a burgeoning world‐order book will continue to place shipowners under more and more pressure, and one option will be to outsource management assistance, thereby encouraging the ship management sector to continue to grow.
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