ABSTRACT
The ship management industry has evolved considerably in recent years in response to changes in maritime regulations and the increasing considerations of ship owners regarding the efficient operation of their vessels. The traditional model of vertically integrating the ship management and ship owning operations under the same group structure is gradually being replaced by the third-party and hybrid models of ship management. Unlike the hybrid model, which combines in-house operations with selected outsourcing, the third-party management model outsources all vessel operations to third-party companies.
