Everything You Need To Know About Ship Management

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In today’s world, shipping is critical to the global economy – and, like any other industry, it requires meticulous management to run properly. As a result, ship management plays an important and arguably crucial role in the maritime industry.

A fleet of vessels requires upkeep, governance and management, just as an accountant balances the books for a client. Taking adequate care of your vessels should be a key responsibility for any owner or operator, from maintaining a private fleet of cruise ships to handling the transportation of essential cargo.

So, what exactly is ship management, and why is it such a vital service in the maritime industry? Here’s everything you need to know.

What is ship management?

As the name suggests, ship management, is the management of maritime vessels on behalf of a private or commercial owner by a ship management business. The management of ships and other maritime vessels is often implemented by largescale ship management companies who are commissioned to manage and maintain either a fleet of ships or a single vessel. They will also manage the services carried out by the vessel such as the transportation of important cargo.

In addition, an owner might enter into a contract with a ship management company to lease their vessel fully for a set period of time. Some owners choose to lease their ship entirely to the management business, while others opt to take on some of the management company’s services themselves. The owner has the option of contracting their vessel/s for partial services or entirely outsourcing the management of their ship.

What does a ship management company do?

A ship management company can provide a wide range of solutions and services. Among these responsibilities are the maintenance of the vessel, as well as crew management, insurance and supplies.

Maintenance

Maintenance is a crucial component of ship management. A ship management company will often take care of the ship by keeping it in tip-top shape. This is done through regular maintenance and upkeep, ensuring that it is well-maintained and in good working order.

Crew Management

The personnel onboard your vessel is of paramount importance if you hope to keep your vessel and her infrastructure well maintained and functioning correctly. Your ship management company will ensure your ship is suitably manned and taken care of. 

Transactions & Negotiations

Most ship management companies will deal with the transactional side of a vessel on behalf of the owner. They will also contract the ship out for certain marine services. 

Insurance

If you own a vessel or a fleet of ships, you may find insurance to be a bit of a hassle. The good news is most ship management companies will be able to arrange insurance for you, which takes the stress out of finding a reputable insurance company to protect and secure your assets.

Innovation & Technology

Many ship management companies also offer cutting-edge digital platforms and services. When it comes to maritime services, these solutions provide complete transparency and accessibility, and can also be used to make data-driven decisions about your vessel’s operations.

Essentially, a ship management company provides both owners and operators alike with a variety of management and maritime support services, which can be adapted into a bespoke package tailored to the needs of the vessel.

What kind of maritime vessels does a ship management company care for?

The type of maritime vessel a ship management company looks after is determined by the company itself as well as the services it provides. However, it goes without saying, that most ship management companies have the infrastructure, equipment and manpower necessary to manage tankers, bulk carriers and gas carriers, as well as container ships, LNG-fuelled ships and a variety of other vessels.

Why is ship management important?

In the maritime industry, ship management is considered a critical service. Ship management enables both private and commercial fleet owners and operators alike to delegate the management of their ships to a single professional company. This essentially means that across the maritime industry, the solutions and services being provided are streamlined, efficient and as a result, more cost-effective for all parties involved. 

What should I look for in ship management services?

While it sounds like a fairly easy concept, ship management is actually much more complicated than many people think. When choosing your ship management company, it is paramount you choose an organisation that aligns with the core values of your own business. Choosing the correct company will not only ensure your vessel is properly maintained and managed, but also that any operations, including the transport of any goods and services, are taken care of. In particular, large companies that deal with exporting and importing goods on a global level can alleviate stress and complication by shifting their operations to a ship management company. 

  • Crew welfare – Ensuring the staff onboard your vessel are mentally and physically fit should be of the utmost importance for both owners and operators alike. A professional ship management company will manage the welfare of seafarers and ensure they are taken care of with regular meals and access to proper medical care. 
  • Coordination – One of the sole reasons ship management companies exist is for the purpose of streamlining maritime operations. A reputable ship management company will be able to coordinate the supply of provisions and goods with ease. They should also have the ability to supervise the transfer of cargo as well as maintain the records and documentation of your vessel and its operations.

Final thoughts

Although the name suggests otherwise, ship management is about more than the management of maritime vessels and ships. The service essentially streamlines global maritime services and solutions, and its operations are a significant component of not only its sector but also the global economy.

Read Also: 5 Ways To Improve Your Shipping Process

Everything You Need To Know About Ship Management
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