Ship Management Companies

This report examines the operations of ship management companies, analyzing how they optimize costs and maintain competitiveness in the challenging shipping industry. The research explores best practices in various operational areas, key strategies for success, and concludes with recommendations for improvement.

A study on how ship
management companies
operates effectively in the
industry and optimized the cost
involved in this competitive
shipping industry.

Table of Contents
INTRODUCTION...........................................................................................................................3
Overview of research..................................................................................................................3
Background of research...............................................................................................................4
Significance of research..............................................................................................................4
Objective of the project...............................................................................................................5
Research Questions.....................................................................................................................5
LITERATURE REVIEW................................................................................................................6
METHODOLOGY........................................................................................................................15
Types of investigation...............................................................................................................16
Research Philosophy.................................................................................................................16
Research Approach...................................................................................................................17
Data analysis ............................................................................................................................18
Ethics consideration..................................................................................................................18
Data collection..........................................................................................................................19
ANALYSIS AND FINDINGS......................................................................................................22
DISCUSSION OF DATA..............................................................................................................36
.......................................................................................................................................................36
RECOMMENDATION.................................................................................................................36
CONCLUSION..............................................................................................................................36
AREA OF FURTHER STUDY.....................................................................................................37
REFRENCES ................................................................................................................................38
.........................................................................................................................................................1

Title:"The research is aimed to analysis how ship management companies improvises their
operation in order to successfully manage their vessel, in this challenging industry without
compromising safety, quality, operations and environmental protection in a cost optimized way
to stay competitive among others.”
INTRODUCTION
Overview of research
Ship management organisations are playing important role now a days in import and
export of goods from one nation to another. Shipping industry is complex business which need
proper skilled management so required work can be completed on time (Łosiewicz and Netczuk-
Gwoździewicz, 2018). Moreover, ship management teams are mainly working for safety as well
as reliable operations and management of customer's projects, fleet, assets and so on. Along with
this, shipping is the best way through which long distance container transportation around the
world become easy. Furthermore, crew scheduling is the term which widely utilise for
management of staff member's in transportation such as ships, trains, airlines, trucks, buses and
so on. But in wide term crew is related to the seamen working on board a ship. For an ship
management organisation it is necessary to maintain proper balance of crew members on the
transportation so that work can be done in effective manner without any mistakes as well as can
improve operations and successfully manage their vessel. Such practices result in no compromise
of anything such as quality of services, safety of assets as well as operations and environmental
protection. All these done is cost optimising way for remaining competitive within other
organisations.
This research project is based on the ship management organisations and it is necessary
for everyone to manage their large boats as well as ships so that task given by customers can be
completed on time (Akyuz and Celik,2016). Moreover, it is necessary for ship companies that
they will not compromise safety, environmental protection, quality, operations. Thus, they will
remain competitive in terms of these as well as cost among others. Respective research is going
to explain the way of improving operation of ship management organisation. Along with this,
data related to cost optimizing for respective companies are also given and key strategies for
becoming successful in ship management (Warner, 2017). In the end, way utilised by same

organisation for achieving goals and impact on management for business success will be
discussed.
Background of research
The present research is based on ship management of organisations which is used for
carrying import-export activities. Any mismanagement in such technique adversely affect
profitability of a company (Laudon and Laudon, 2016). Therefore, in order to manage shipping
transportation facility, here researchers have evaluated ways by which same can be managed
appropriately. In this regard, both primary and secondary methods are used to gather adequate
amount of information. Hereby, under secondary research, some important articles have been
extracted from internet access, where various authors have given their view point to manage
trading activities of international organisations. While primary research helps in taking feedback
of stakeholders of respective companies to analyse their view point. This would help in engaging
stakeholders for achievement of objectives and run business for long term profitability. Along
with this, major part of this research includes ways by which an enterprise can improvise its
operations. For this process, some ideas through researcher's point of view are generated, that
helps organisations in optimising their cost also. Moreover, this report also highlight key
strategies through which a company can gain success in ship management process.
Apart from this, from viewpoint of various authors, project makers of present research
have give their conclusion (Haldane and et. al., 2016). Furthermore, they have provided some
recommendation also to organisations of UK, for improving effectiveness of their shipping
process. In addition to this, a strategic management has also been prepared in respective
research. It includes strategies and processes for attaining shipping goals and getting success for
longer period of time.
Significance of research
Ship management companies play vital role in today's competitive world because for
doing business as well as day to day trades individual transport their products at long distance in
which there is requirement of shipping transportation facility. Major significance behind
selecting this topic is to identifying or examining how ship management companies operates
effectively in respective industry because this also have lot of competition and there are several
companies which transporting goods within long distances (Lieb and Lieb, 2016). Along with
this, it is hard to optimise cost within competitive shipping industry which will going to be

discussed in the research project. This research plan help in identifying operational planning
practices of ship management organisation. Through this, Investigator can identify challenges
and opportunities for ship management companies for a long run duration (Roh, Thai and Wong,
2016). All these practices assist in identifying strategic planning procedures for resolving issues
related to operational and functional management approaches for shipping transportation facility,
quality of services, safety management, luggage safety and so on.
Aim of the project
It has been identified as important part of research project because without aim no
research is conducted and will define path to achieve. In aim of the project issue or problem
facing by the organisation will be describe along with its solution so company will grow and
generate high revenue.
Aim of the research project is : "The research is aimed to analysis how ship management
companies improvises their operation in order to successfully manage their vessel, in this
challenging industry without compromising safety, quality, operations and environmental
protection in a cost optimized way to stay competitive among others ."
Objective of the project
This section is important part because in it objective or definite goals of an organisation
can be accomplish in effective manner. Objective of project is useful for investigator person
because with the assistance of it they will capable in evaluating entire research in proper manner
(Bucher and Bryden, 2016). All these objectives have their relation with each other and it will
help researcher in completing it in effective manner. Objectives created for investigation purpose
are as follows below :-
 Identify how ship management companies, improvise their operations.
 Provides basic data for ship management companies on how to optimize the cost.
 Key strategies to be successful in ship management.
 Analysis how the ship management company can achieve their goals
 Evaluate the management impact for business success.
Research Questions
In this section, questions for conducting research is designed by the investigator person
as per the framed objectives which is created by them. Moreover, it is the crucial part of entire
research project because with the assistance of it researcher will be capable in understanding as

well as evaluating an investigation in better manner (Mosgaard and Kerndrup, 2016). Research
question prepared by the researcher are as follows :-
 Conduct a research on how ship managing companies improvise their operations to be
safer, smarter and efficient to remain atop in the growing competitive industry.
 Conduct a research and investigate on the factors which is seriously affecting the cost in
ship Management Company for operating a vessel, and evaluate the effect of these
dominant factors on cost and provide suggestions to optimize the cost.
 Investigate the strategies implemented by shipping companies during the depression of
bulk cargoes and also during oil recession period.
 Prepare a strategic management involves the creation and implementation of goals for the
shipping company growth and decide the act on plans by combining strategic
planning,thinking, and management analysis.
 Identify the importance of a leadership and their influence and impact to enhance the ship
management performance by effectively managing the people.
LITERATURE REVIEW
Identify how ship management companies, improvise their operations.
According to the views of (Akyuz, 2016) Best practices in operation management is
acceptable process which described systematically in the present solution as well as experience
of an successful companies. Their are several business going through operational issues and
these can be resolve with the help of implementing best practices method in their operations.
Moreover, ship management comprises several services or functions such as procurement,
technical management, crewing, quality as well as safety management.
Operational activities are the function of an business which directly related to providing
its goods as well as services. Mainly these are core activities of company such as marketing,
manufacturing, distribution, selling product or services and so on (Talley, 2017). Operational
activities are different from investing or financing activities, these are also function of an
business but not directly related with provision of product and services. Application of this in
operations of ship management companies are as follows :-
Best Practices in Crewing – Ship management companies have to provide training,
development, teamwork and welfare packages (Kamath, 2016). So that, ship management

companies can re-insure crewing activities again for gaining more control as well as quality than
with purely through crewing agencies. There are some elements of best practices in crewing :- Invest in culture and teamwork – In ship management organisations crew members are
from different culture in which challenges are faced by the team members related to
human interaction. Thus, it is necessary to invest in culture and teamwork because it is
worthwhile and crew members are interact with each other in better manner. Quality
work is not depended only on smart chief engineer but it depends on entire team. Invest in crew welfare packages – It is necessary to provide attractive remuneration as
well as leave packages to crew member within ship management companies. Along with
this for their welfare there is requirement of time to time training and ship manger have to
give a look on additional field of investment.
Best practice in technical management – Life cycle management is the best practices in
technical management and received quite more attention (Akyuz, 2017). Along with this, ship
management can utilise this technique for improving their technical management operations as
well as most of the people are familiar about this concept. There are some key elements of best
practices in technical management explanation of these are as follows :- Pay attention to hull maintenance – It is important to pay attention towards technical
management because in ship management organisation most of the work done with the
assistance of technical tools as well as equipment. Thus, it is necessary to take care of all
these things and do work in effective manner which can be possible by implementing best
practices.
 Embrace condition based maintenance - In shipping maintenance scheme is necessary
because in this typical planned schedule will be followed as per the running hours as well
as calendar. Their is no matter of maintenance related to technically requirement or not.
Best practices in financial management - Finance and Accounting division don't
influencing financial performance of organisation at wide level but they are playing wide role in
providing accurate as well as reliable data (Berkowitz, Bucheli andDumez, 2017). Assist other
department or sections of ship management companies in making accurate decisions. There are
some key elements of best practices in financial management explanation are as follows :- Integrate operations with finance – It is obvious that commercial commitments are
important to the company's fate as well as now a days it has become best practices to

integrating some operational functions such as purchasing closely with accounting as
well as financial management (O'Brien, Reeb, Kunitsa and California State University,
2016).
 Invest in cash management procedures :- When budgets get compress with the
value chain in shipping at this time importance of cash figures existence become high for
shipping organisations. However, a
pure accounting view on revenues as well as
expenditure does not assist here for operational intention.
Best practices in quality & safety management – Rules and regulations are raising along
with competitive pressure, the role of dedicated Quality & Safety (QS) or even Quality, Health,
Safety & Environment (QHSE) officers has enhanced important. With the assistance of it
training is provided to crew member's on safety issues. There are some key elements of best
practices in quality and safety management are as follows :- Move from QS to QHSE – Subject related to environment and occupational health is
becoming more important now a days. Scope of quality and safety department increasing
to quality, health, safety & environmental matters. Advantages of these two not only lie
within getting attention but also in combining procedure as well as ease implementation,
reduce conflicting information and paper are given to crew members. Use integrated quality and safety solution - QHSE department procedure support
process is using and accepting in broader way now a days. Reason behind this is
availability of good tools as well as professional of QHSE are seeing an increment in
amount of form, checklists, paper, report which cannot be processed longer manually and
so on.
Best practices in Procurement – Procuring of supplies, spares as well as another
elementary task for ship manager to keep their vessel ready to sail. This work done by procuring
man is on the account of owner (Sharma, Chandna andBhardwaj, 2017). Moreover low
operational cost is key differentiator for shipping manager and have no direct impact of good
buying in their pockets. All these are the reason behind getting less attention of procurement
compare to technical management. There are some key elements of best practice in procurement
explanation are as follows :-

 Communicate with suppliers electronically :- Various industries are using standard for
electronic data interchange (EDI) method But shipping is still not utilising that for
exchanging message such as inquired, orders and invoice electronically. From the ship
manager procurement system to the sales system of manufacturer. Moreover, best
practices in several shipping organisations are founded as an only solution with key
suppliers (Okpurughre, von RosingGrube, 2017). As it has been identified that, uses of
internet is increasing it capture entire market area with electronic communication to
suppliers and it played crucial role in connecting with global suppliers. Reduce number of suppliers – Role of suppliers are changing as an by more long term
and strategic views on procurement. Moreover, best practice result in reducing numerous
suppliers as well as intensifying their relationship with the key suppliers. Building trust
relation, common perceptive as well as commitment with suppliers or the service offerer
will be most responsive and cost effective approach to procurement process it often much
more guarantee. This comprises a demanding provider rating procedure, assessing quality
as well as timing of delivery and annual assessment or planning talk. In the same manner,
not only quality as well as costs will stay in line but also the transactional work of the
buying group will decrease, giving more time for a more strategic view on the sourcing
activities.
Provides basic data for ship management companies on how to optimize the cost.
According to the view points of (Christopher, 2016) Operating cost which is main
part of spending for all charter modes is under the ship owner responsibility except bare boat
chartering. Their is several risk involved in the shipping business but such organisation run
within complex as well as dynamic market setup which have variables in both income and
expenditure. Moreover, Ship management is the most competitive section as well as cost
conscious and their objective is cost optimization. Aim of this research is to study the concept of
cost optimization in ship management. As well as to determine the factors which are affecting
cost seriously and to suggest solutions that will cut down the cost. Along with this, primary
motive is to examine the factors which are affecting cost in the ship management as well as
evaluation of these factors on the cost. Fuzzy logic is an method which is implemented for
finding out dominant factors that can be controlled and result in reducing cost. Outcomes on the

dominant element are utilise for producing proposals to optimise the ship management costs for
the shipping organisations.
In organisation context to Ship Management, cost is controlled with proper planning and
strategies in order to match with the existing standards and plan of an organisation (Čirjevskis,
2017). It is necessary to have perquisite success of effective control on development of cost
control of product and services. Moreover, managers need to understand and concern about cost
insurance at right time in place place. It will help in getting effective result according to the
yardstick of performance, a predetermined plan and budget allocation. Thus, if there is absence
of controlling then appropriate targets will not be achieved in a effective manner.
Operational Expenses Proportion
Crew Costs 48.00%
Administration 18.00%
Stores 16.00%
Insurance 13.00%
Spare & Repairs 5.00%
Proportion of Daily Overall Expenses
Financing 51%
Crew Cost 19%
Dry Docking 9%
Administration 7%
Stores 7%
Insurance 5%

Spares & Repairs 2.00%
Key strategies to be successful in ship management.
As per the views of (Fan,Yan and Yin,2016) there are several key strategies which help
in success of ship management organisation explanation of these are as follows :- Customer Relationship management strategy (CRM) – It is important for an
organisation to build healthy as well as good relation with their customers for becoming
successful. Moreover, customer satisfaction is the only way of building good relation.
Apart from this, Customer relationship management is a strategy which is geared for
gaining customer loyalty and is significant to the cost effectiveness of the ship
management business. CRM (Customer relationship management) is an strategy which is
implementing for accomplishing loyalty of customers as well as important for the
effectiveness of ship management companies (Loxton and et. al., 2017). During the
procedure of cultivating loyalty of customers, customer strategy, people and organisation
results are linked. Hence, CRM core actions is related to building strategies related to
capabilities of organisation for addressing strategic imperatives as well as for producing
required business outcomes. Knowledge management strategy – This strategy can be implement for creating value
effectively by maximizing the knowledge flow across the global operational network
covering knowledge input from shore and ship staff. In implementation procedure of
knowledge management strategy, management division of shipping company have to sets
strategy as well as make modification in the setting up of essential infrastructure for
supporting flow of knowledge as well as for creating atmosphere of knowledge sharing
culture. Apart from this, an learning environment with in the boundaries of work place.
Therefore, effective implementation give better outcomes in term of innovation in goods
and services, development within latest working practices as well as procedure, loss
prevention, growth of business and individual, to accomplish high safety and quality
standards etc.. Re-aligning and enhancing core values – It is important for ship management company
not to neglect core functions for sustaining in competitive environment (Gerke and et. al.,

2017). Because core values of shipping company will reflect their goals and objectives so
in direction of accomplishing these staff member's will work.
Analysis how the ship management company can achieve their goals
According to the view points of (Haseltalab,Negenborn and Lodewijks,2016) every
organisation is working with the motive of accomplishing their predetermined goals and
objectives which is necessary for gaining better position in market area. Their are several ways
through which ship management company can achieve their goals. Explanation of these are as
follows :- Proper planning – With the assistance of proper planning and its implementation ship
management company can achieve their goals and objectives within required time period
it can be day to day as well as overall. Along with this, through planning organisation
identify that what they have to do and in what manner. Such practices are done by the
manager of ship management company so that day to day activity will be done in
effective manner and result in accomplishing goals and objectives in effective manner. Clearly define goals and objectives to everyone – It is necessary for ship management
company to define goals and objectives to everyone so staff members will do their work
in respective manner and accomplish it. If goals and objective will be discussed to
everyone in the company then they will work according to requirement of organisation
and result in accomplishing their goals. It is the duty of manager to discuss modification
taken place in ship management company for their accomplishment.
 Track performance timely – It is important for manger of ship management organisation
to track performance of their crew members (Yuenand Thai, 2016). So that if there is any
requirement of enhancement in performance then it will be done in better manner. With
the assistance of tracking performance timely it has been identified by the manager that
day to day targets are achieving or not as well as there is not over utilisation of available
resources.
Apart from this there are six steps implementation of those result in achieving goals of
ship management company. These are as follows :- Step 1: identifying high level goals and objectives - It is important to identify goals of
ship management company first which they want to accomplish. After this, it must be

divide into small objectives that can be achieve on daily basis but it is important to make
sure that objectives are clear, attainable as well as actionable (Parc and Normand, 2016). Step2: tracking goals in a visible place – After identifying goals of shipping company
and sharing with everyone with the assistance several communication tools. These goals
will be implemented in day to day working and advantages are that it will provide clear
direction to on which leader, manager and other staff member's work. Apart from this, it
will assist personnels in understanding importance and impact of their work on shipping
company. Tracking is necessary for identifying that daily basis targets are achieving or
not and in effective manner. Step3: define clear milestones - After tracking goals at central place milestones will be
define that will help in determining work is going in better manner i.e., the way of
accomplishing goals (Akakpo, 2016). These milestones must be define with the motive of
measuring action plans and their deadline. It is necessary that milestone should be
measurable, have deadline and employees are work in shipping company responding to it. Step4: connect project with milestones and goals - This step play important role in
engaging crew members in their work. With the assistance of connecting project with
milestones and goals staff members know that they are important for company as well as
best way of motivating personnel is to connect their work with high level goals. Along
with this, respective step is beneficial for ship management because through it crew
member's engage in work, productivity increase, providing better experience to customers
and assist in driving sales as well as profitability. Step5: share success of project and celebration – After completion of project and hitting
milestones its time for sharing success as well as doing celebration. Because such things
motivate as well as encourage every crew member to do work in effective manner and
accomplishing goals. Step 6: use previous goals and results for informing plan – For doing further planning,
previous goals as well as their results can be use. So that things can be done in better
manner and result in accomplishing goals.
Evaluate the management impact for business success.
As per the views of (Khan and Faruque,2016) Management play important role in success
of business because it move an company towards their predetermined goals and objectives.

Through proper management of goods and services as well as staff members it will result in
success of company and accomplishing objectives. Along with this, there are several functions of
management such as planning, organising, staffing, directing and controlling. If all these are
done in better manner then directly result in success for ship management companies. Moreover,
within an effective business role of management is clearly differentiate from front line staff
members. Because in proper management, manager is the one who communicate purpose as well
as structure of the ship management to each and every crew member so they can work in
respective manner as well as result in accomplishing goals. Planning – This is first function of management in which companies decide what they
have to do, who to do, when to do and for whom. With the assistance of Proper planning
result in achieving success for companies (Asamoah, Agyenim-Boateng and Gbegble,
2016). Because it provide guidance to staff member's that in what manner they have to do
their daily operations and result in better outcomes. Apart from this, it is necessary to
involve staff members in planning process or have to take their opinion also because they
always come with some latest things. For gaining success it is necessary to set long as
well as short term goals. Thus, while working on short term goals long automatically
achieved. Organising – It is related to using the plan for bringing together financial, physical as
well as other available resources. Utilising them for accomplishing goals and objectives
as well as in success of business. Moreover, it is important for association to manage
things in better manner as per the requirement as well as optimum utilisation of available
resources so that success can be achieve in effective manner. In organising, task are also
divided within employees while doing this work it is responsibility of leader as well as
manager to make sure that work is assigned according to the skills and knowledge of
team members. Staffing - Main aim of this function is to ensure that always right person will put at right
place because it will result in no hindrance organisational structure and lack of staff
members. So that, operations can be done in effective manner and result in achieving
success. Employees play important role in the success of business so it is necessary to
place such candidates who are meeting their required criteria (ALLAL and et.al., 2018).
Their are several benefits of staffing in business which result in success such as Optimum

utilisation of human resources, development of human capital, efficient performance of
other functions and so on. Moreover, staffing ensure continuous growth of business with
the help of development manager. Directing - The function delves deeper inside human interaction, making the manager
motivate, communicate and inspire his or her employees (Grace and et.al., 2019). Thus,
daily operations will performed in better manner and result in accomplishing goals,
objectives and success. It is the heart of overall management function because other
functions like planning, organising and staffing don't have importance without directing
within company. In directing procedure instruction, guidance, counselling and so on are
given to staff members according to the planning. So it will lead them in achieving
organisational goals. Apart from this, there are some importance of directing which result
in business success such as motivate personnels, provide stability, coping with the
modifications, effective utilisation of resources etc..
 Controlling – This is the final function of management in it implemented planning will
be controlled for achieving success of business. Controlling is necessary for achieving
success in business business because in this actual performance is measured and after that
compare with standard for identifying deviation. This term refers to testing, regulating,
suggest checking, adjusting, verifying and so on. In simple term it can be said that control
provide basis to company for any further actions. Apart from this controlling have some
importance in organisation which result in success such as effectual utilisation of
resources, judging accuracy of standards, enhancing staff members motivation, ensure
that work is going on by following proper order and disciple, minimise errors and so on.
METHODOLOGY
Research methodology – It is crucial part of overall research and responsibility of
researcher to do it in better manner. In this process data and information can be gathered for
making further better decisions. Moreover, information and data collection take place in several
ways such as survey, interview, publication, research and so on. The research is conducted with
the motive of describing, explaining as well as estimating the overall work process in effectual
manner (Bellamy,Chambon and vanGuldener, 2018). It is defined as the study of method where
they gain accurate knowledge and skill. Research methodology is an necessary part of the entire
research project because in it all the crucial factors are considered.

With the help of research methodology section all the problems refereed to investigation
report will going to be sort in better manner. It is important to contact all the activities within
given time period by the researcher. Thus, required goals and objectives can be achieved in
proper manner. Furthermore, there are various parts which has been involved in the section of
research methodology such as research approach, research philosophy and data collection. It will
help researcher person in conducting accurate investigation of findings which determine accurate
results in appropriate way. Investigators are setting suitable guidelines which aids in carrying out
activities as well as function of business in effectual manner. It is important as well as useful
methodologies for respective research for evaluating.
Types of investigation
There are two ways which can be use for conducting research in appropriate manner i.e.,
qualitative and quantitative explanation of these are as follows :-
 Qualitative Research – It is type of market research method in which data collected
through open-ended and conversational communication method (Perera andMo,2016).
There are various methods which can be utilise in this process such as record keeping,
observation and so on. In the data is non-numerical and help in exploring the decision
taken as well provide detail perception.
 Quantitative Research – In this data collected is in numerical form through statistically,
mathematically as well as by computational techniques. Quantitative research
information is gathered by the existing and potential customers through several methods
such as online survey, polls, questionnaire etc.. In respective research quantitative
method is use by the researcher for continuing overall research process.
The present research project is based on quantitate research which is utilise for gathering
data as well as information while making report.
Research Philosophy
Research philosophy is the beliefs that can be utilise for gathering accurate data and
information for completing the project. This part of research methodology shows various type of
patters as well as beliefs which are following by the investigator and in this their obligation is to
chose accurate philosophy for an organisation for accomplishing the expected results and
outcomes (Mohd Najib and Mimi Haryani, 2017). Furthermore, there are different kind of
philosophies such as positivism, realism, Interpretive, Pragmatism and subjectivism.

 Positivism – This is an approach use for identifying, measuring as well as evaluating
any phenomena for providing rational description of it. Positivism research philosophy
adheres to the vies which only factual knowledge that is gained with the assistance of
observation, including measurement and so on. It depends on quantifiable observation
which leads in statistical analysis as well as it must be separated and may be repeatable
(Alam and Tomossy, 2017). Moreover, investigator use maths and science models which
assist in collecting accurate data and information.
 Interpretivism - It is also known as interpretivist which includes interpret elements of
research project. So that researcher can integrates human interest in the research study.
Moreover, it is based on naturalistic approach of gathering data like observation as well
as interview. Respective philosophy mainly focus on the quality of gathered data which
will be collected appropriate way.
 Pragmatism - It is an research philosophy in which investigator person select such
concept which is suitable in better manner for performing further activities. As per the
pragmatism research philosophy, research questions are the most important determinant
of overall research philosophy. Apart from this, pragmatism recognise that there are
several ways of interpreting the world and undertaking research.
 Realism - This is an research philosophy defines an idea of independence related to
reality from the human mind. This philosophy is totally based on predictions and
assumptions of scientific approach in order to develop knowledge.
 Subjectivism – It is that philosophy that is related with social science as well as it is
mainly refer an individual experience, interpretations as well as perceptions of the entire
world.
In the respective research project, positivism philosophy is utilise by the investigator for
collecting as well as gathering reliable information at the time of completing this project.
Research Approach
Research approach is the planning as well as procedure which include steps with broad
assumptions for explaining data collection method, its interpretation as well as analysis. It rely
on the nature of investigation which provide assistance in resolving major issues or problems of
research project (Polemi, 2017). Research approach is the critical section of scientific study
which aids in analysing the overall areas of research. Furthermore, there is two kind of research

approach which is needed to be implemented by investigator person these are inductive and
deductive approach. Explanation are as follows :-
 Inductive approach – In this approach various kind of new theories are implemented
that is based on several type of models as well as assumptions as per this results
(Lamalice and et.al., 2018). Moreover, this approach start with the observation and the
end with result of the research theory.
 Deductive approach – This approach, examine the present numeric facts as well as
figures that are being ascertained on the basis of observation. In the respective research,
deductive approach is applied by the investigator person because it is utilise for collecting
as well as gathering appropriate information and data in effective manner.
Data analysis
Data analysis is important part of the research which is required analysing behaviour and
attitude of respondents through gathering data as well as information in relation to specific aims
and objectives. In this, response of different respondents is explain through various types of
charts as well as graphs along with their interpretation in words (Gilli and Gilli, 2016).
Information and data will be examine or analyse by implementing random sampling method and
sample size of respondents will be 30. such data analysis practices assists researcher in
determining accurate data as well as information that will be utilise for completing research
project. By investigator person Respondents will be invited for taking part in specific study or
they are doing participation. This is applied in both qualitative and quantifying study.
Ethics consideration
Ethical consideration is one of the critical part in entire research process because if this
part is missing then it may even be doomed to failure. It is the most common undertaking for an
organisation in investigating the entire areas. Moreover, ethical consideration assist in
identifying actual rules as well as regulations along with their right and wrong practices in
effective manner. In simple term it can be said that, ethics are standards as well as norms which
help in distinguish between right and wrong practices (Simpkins, 2018). It can be acknowledged
that ethical consideration is an important section which is utilise by the motive of securing
various criteria on experts that is collected in specific manner. Researcher have take suitable
judgement for selecting the correct or incorrect and also conceal with particular facts as well as

figures from several respondents. Furthermore, there are several kind of moral qualities and these
are important for investigators person for sorting particular task or work (Clark,2016). Along
with this, it is needed to confirm that it is fundamental for aligning the networks resistance and
lawful rules as well as regulation issues.
Data collection
Data is divided by the technique of its collection which is implemented in proper manner.
It is the process in which information and data is gathered and there is two method i.e., primary
and secondary. These are as follows :- Primary Method - In this method data collected by researcher is new which has not been
published before in any books, journal, article, newspaper and so on. Their are various
sources of gathering data such as interviews, feedbacks, questionnaire etc.. Thus, in this
research primary method of data collection is utilising by the researcher and source will
be questionnaire (Viktorelius,2018). Moreover, primary method is helpful mainly in
social occasions and result in collecting exact data and information. Thus, it result
gaining authentic data when project is completed. In the research of ship management
primary method for data collection is using because with the assistance of this present
opinion of respondents can be taken because it changes time to time.
 Secondary Method – It is form of data collection method which is not gathered primarily
because existing information are included in it which was published in any magazine,
journal and paper. Secondary method of data collection is the less expensive and not
much time consuming because company can use their existing data as well as information
which result in on expenses (French and Roe, 2019). Main motive behind gathering
respective data by the organisation is to generating high income as well as revenue in
effective manner. Main reason behind not implementing secondary method of data
collection is that present opinions or views of people cannot be taken related to offering
of ship management organisations. For conducting research it is necessary to take current
views of respondents so that modifications or any major step will be taken as per
requirement.

Questionnaire
Q1. Are you aware with the operational activities of ship management companies ?
 Yes
 No
Q2. Is planning in ship business management is enough for strategic approaches ?
 Yes
 No
Q3. What are the major insurance claims for ship management procedures ?
 Marine insurance claim
 Hull and machinery claim
 P&I claim
Q4. What can be the further requirement in the management services of Human Resource
Development system ?
 Training and development
 Appraisal and rewards
 Performance management practices
 All of the above
Q5. What are the major advantages of implementing advance technology in ship operational
practices ?
 Higher safety concern
 Technically more challenging vessels
 For training concern
 All of the above
Q6. What are the effectiveness of Maritime Labour convention ?
 For the requirements concerning occupational health and safety
 For fair employment contract conditions
 For health care and social security
 All of the above

Q7. What are the key operational issues faced by shipping management companies?
 Increasing cost of fuel
 Lack of skilled staff
 Heavy security measures at Ports
Q8. In which area, shipping company has to spend more money?
 Crew cost
 Insurance
 Administration
 Stores
Q9. Which strategy would be most appropriate for cost optimization?
 Increase storage capacity
 Enhance vertical utilization of space
 Improve operations which are directly connected to labour
Q10. Which innovation, in history of shipping industry, reduced cost of operations?
 Use of fibre optic cables
 Adoption of Just In Time approach (JIT)
 Containerisation
Q11. Out of the 3 options, which future prediction may improve operation efficiency in next 10
years?
 Better connectivity
 Energy saving
 Better human resource in industry
Q12. What are the major operational expenses proportion of Ship cost management practices ?
 Crew cost
 Administration cost
 Spare and repairs cost
 All of the above
Q13. Is there any requirement requirement of implementing Planned Maintenance System in
ship management services ?
 Yes
 No

Q14. What are the ways by which shipping charges can be reduced?
 Negotiate with multiple carriers
 Consider a regional carrier
 Buy Insurance from a third party
Q15. Provide some recommendation for improving the operational activities of ship
management companies?
ANALYSIS AND FINDINGS
Theme 1: Aware with the operational activities of ship management companies
Q1: Are you aware with the operational
activities of ship management companies ?
Frequency
 Yes 10
 No 20
Interpretation – From the above graphical presentation it has been analysed that there are
several people who is not aware with the concept of operational activities of ship management
companies. Out of 30 respondents 20 are saying that they don't have any knowledge about it
whereas, remaining 10 in the favour of it that they are aware with ship management concept.
Because before answering further question it is important for respondent to have proper
knowledge about the operational activities of ship management companies.
10
20
Yes
No

Theme 2: Planning in ship business management is enough for strategic approaches
Q2. Is planning in ship business management
is enough for strategic approaches ?
Frequency
 Yes 15
 No 15
Interpretation – After going through the above graphical presentation it has been
analysed that 50% of respondents saying that proper planning in ship business management
enough for strategic approaches. Apart from this after asking question from 30 people 15 are in
the favour of it and remaining 15 are saying that no planning is not enough for strategic
approaches in ship business management. Planning play important role in accomplishing goals
and objectives of business so it is enough to have proper planning for approaching strategies of
ship management companies.
Theme 3: The major insurance claims for ship management procedures
Q3. What are the major insurance claims for
ship management procedures ?
Frequency
 Marine insurance claim 10
 Hull and machinery claim 10
 P&I claim 10
Interpretation – From the above graphical presentation it has been analysed that there are
several major insurance claims for ship management procedure such as marine insurance claim,
hull and machinery claim as well as P&I claim. Out of 30 respondents 10 are saying marine
15 15 Yes
No

insurance claim is good insurance claim for ship management procedure. Whereas, remaining 20
are in the favour of hull and machinery claim as well as P&I claim.
Theme 4: The further requirement in the management services of Human Resource
Development system
Q4. What can be the further requirement in
the management services of Human Resource
Development system ?
Frequency
 Training and development 7
 Appraisal and rewards 10
 Performance management practices 10
 All of the above 3
10
10
10
Marine insurance
claim
Hull and machinery
claim
P&I claim

Interpretation – From the above graphical presentation it has been determined that
further requirement is appraisal and reward as well as performance management practices in the
management services of Human Resource Development system. Because out of 30 respondent
20 are in the favour of these two whereas, 7 are saying that training and development is needed
for management services of human resource development. Apart from this, remaining 3 are in
the favour of all the above mention.
Theme 5: The major advantages of implementing advance technology in ship operational
practices
Q5. What are the major advantages of
implementing advance technology in ship
operational practices ?
Frequency
 Higher safety concern 5
 Technically more challenging vessels 7
 For training concern 10
 All of the above 8
7
10
10
3
Training and development
Appraisal and rewards
Performance management
practices
All of the above

Interpretation – After going through above graphical presentation it has been analysed
that there are some benefit for ship management companies when they are implementing
advance technology in their operational practices. One of the major benefit is for training
concern which is determined from 10 respondents who are in the favour of it. Moreover, 7 are in
the favour of technically more challenging vessels and 5 people are saying that advancement in
technology is beneficial for higher safety concern. Whereas, remaining 8 are in the favour of all
these.
Theme 6: The effectiveness of Maritime Labour convention
Q6. What are the effectiveness of Maritime
Labour convention ?
Frequency
 For the requirements concerning
occupational health and safety
6
 For fair employment contract
conditions
10
 For health care and social security 9
 All of the above 5
5
7
10
8
Higher safety
concern
Technically more
challenging vessels
For training concern
All of the above

Interpretation - From going through the above graphical presentation it has been
analysed that there are several effectiveness of Maritime labour convention one of the major is
for fair employment contract condition. Because out of 30 respondents 10 are in the favour of
fair employment contract conditions. After that, 9 people are saying that Maritime Labour
convention is effectual for health as well as social care. 6 respondents are in the favour of the
requirements concerning occupational health and safety and remaining 5 are is the favour of all
these.
Theme 7: The key operational issues faced by shipping management companies
Q7. What are the key operational issues faced
by shipping management companies?
Frequency
 Increasing cost of fuel 10
 Lack of skilled staff 7
 Heavy security measures at Ports 13
6
10
9
5
For the requirements
concerning
occupational health
and safety
For fair employment
contract conditions
For health care and
social security
All of the above

Interpretation – According to the upper mention graphical presentation it has been
analysed that there are various key operational issues facing by shipping management
organisations such as increasing cost of fuel, lack of skilled staff members and heavy security
measures at port. Out of this, heavy security measures at ports is one of the major key
operational issue and out of 30 respondents 13 are in the favour of it. Whereas, 10 are saying that
increasing cost of fuel is also an problem which will faced by shipping management companies.
Remaining 7 are in the favour of lack skilled staff members.
Theme 8: In which area, shipping company has to spend more money
Q8. In which area, shipping company has to
spend more money?
Frequency
 Crew cost 7
 Insurance 9
 Administration 5
 Stores 9
10
7
13 Increasing cost of fuel
Lack of skilled staff
Heavy security
measures at Ports

Interpretation – Their is requirement of inventing or spending money in some area of
ship management company such as crew cost, insurance, administration and stores. Out of these
all insurance and stores are the two major areas which require more money to be spend because
out of 30 respondents 18 are in the favour of these two. Whereas, 7 are saying crew cost require
more money to be invested by shipping management companies and remaining 5 are in the
favour of Administration.
Theme 9: Strategy would be most appropriate for cost optimization
Q9. Which strategy would be most
appropriate for cost optimization?
Frequency
 Increase storage capacity 9
 Enhance vertical utilization of space 11
 Improve operations which are directly
connected to labour
10
7
9 5
9
Crew cost
Insurance
Administration
Stores

Interpretation – From the above mention graphical presentation it has been analysed that there
are several strategy of cost optimisation such as increase storage capacity, enhance vertical
utilization of space and improving operation which are directly connecting to labour. Out of 30
respondents 11 are saying that enhancing vertical utilization of space is the suitable strategy of
cost optimization for ship management companies. Whereas, 10 are saying that they have to
improve operation which directly connect or maintain contact with labour. Apart from this,
remaining 9 are in the favour of increasing storage capacity for proper cost optimization.
Theme 10: Innovation, in history of shipping industry, reduced cost of operations
Q10. Which innovation, in history of shipping
industry, reduced cost of operations?
Frequency
 Use of fibre optic cables 13
 Adoption of Just In Time approach
(JIT)
7
 Containerisation 10
9
11
10 Increase storage
capacity
Enhance vertical
utilization of space
Improve operations
which are directly
connected to labour

Interpretation – Innovation is necessary in every type of business for satisfying
customers and increasing productivity of business same as in ship management companies also.
Use of fibre optic cables is such innovation which result in reducing cost of operations and out of
30 respondents 13 are in the favour of it. Whereas, 10 are saying containerisation is the
innovation in the history of shipping management which reduce cost of operation. Apart from
this, remaining 7 are saying that implementing Just In time Approach is good for shipping
industry for decreasing operational cost.
Theme 11: Future prediction may improve operation efficiency in next 10 years
Q11. Out of the 3 options, which future
prediction may improve operation efficiency
in next 10 years?
Frequency
 Better connectivity 15
 Energy saving 5
 Better human resource in industry 10
13
7
10
Use of fibre optic
cables
Adoption of Just In
Time approach (JIT)
Containerisation

Interpretation – From the above given graphical presentation it has be examine that
better connectivity is the option through which future prediction may improve effectively in next
10 years and out of 30 respondents 15 are in the favour of this. Whereas, 10 are saying that better
human resource in ship management industry will result in improving operation efficiency and
remaining 5 are in the favour of energy saving. Hence, better connectivity and human resource in
ship management industry will result in improving operational efficiency within next 10 years.
Theme 12: The major operational expenses proportion of Ship cost management practices
Q12. What are the major operational
expenses proportion of Ship cost management
practices ?
Frequency
 Crew cost 9
 Administration cost 6
 Spare and repairs cost 10
 All of the above 5
15
5
10
Better connectivity
Energy saving
Better human resource in
industry

Interpretation – After going through the above graphical presentation it has been
identified that there are several operational expenses proportion of ship cost management
practices. After taking interview of respondent 10 are saying that spare and repair cost is major
operational expenses proportion of Ship cost management practice. Along with this, 9 are in the
favour of crew cost and 6 in administration cost whereas, remaining 5 out of 30 are for all these
three. Thus, there are two major operational expenses i.e., spare and reparis cost as well as crew
cost.
Theme 13: Any requirement of implementing Planned Maintenance System in ship
management services
Q13. Is there any requirement of
implementing Planned Maintenance System
in ship management services ?
Frequency
 Yes 20
 No 10
9
6
10
5
Crew cost
Administration cost
Spare and repairs
cost
All of the above

Interpretation – After going through above graphical presentation it has been determined
that, there is requirement of maintenance system in ship management services as well as out of
30 respondent 20 people are in the favour of this. Whereas, remaining 10 respondents are saying
that no there will not any need of implementing planned maintenance system in ship
management services. Hence, according to peoples answer it has been determined that there is
requirement of implementing such system services.
Theme 14: The ways by which shipping charges can be reduced
Q14. What are the ways by which shipping
charges can be reduced?
Frequency
 Negotiate with multiple carriers 10
 Consider a regional carrier 10
 Buy Insurance from a third party 10
20
10
Yes
No

Interpretation – From the above graphical presentation it has been analysed that there are
several ways through which shipping charges can be reduced such as negotiate with multiple
carriers, consider a regional carrier and buy insurance from third party. Regarding this question
has been asked from 30 respondents out of which 10 are in the favour of negotiate with multiple
carriers. Whereas, remaining 20 are saying that shipping charges can be reduce with the
assistance of considering a regional carrier and buying insurance from third party.
DISCUSSION OF DATA
In the research of ship management operational activities, best practices approach is
implemented which help in improving their operational activity such as crewing, technical
management, financial management, quality & safety management. Because these are the
operational activity which help in improving ship management practices of shipping company. It
is the practices which can be utilise in every type of industry for enhancing their operational
activities and achieving better position in marketplace. Along with this cost play important role
in business of shipping because no one want to invest huge amount is sending goods from one
place to another. As well as it is the best way of achieving competitive advantage within
respective industry because customers will chose that company which is offering in minimum
price. For the purpose of cost optimisation fuzzy logic is implemented for finding dominant
factor and controlling cost which will result in reduction of cost.
Every company want to be successful in the business environment so for becoming
successful it is important to implement some key strategies such as customer relationship
10
10
10 Negotiate with
multiple carriers
Consider a regional
carrier
Buy Insurance from
a third party

management strategy (CRM), Knowledge management strategy, Re-aligning and enhancing core
values. Out of which core values is much essential because without these it is not possible to
identify as well as achieve goals and objectives of the company. Furthermore, achieving goal is
motive of every organisation thus, for it there is requirement of proper planning, clearly defining
goals as well as objectives to every staff members and tracking performance timely. So that goals
and objectives will be achieved in effective manner with optimum utilisation of available
resources. Moreover, in organisation there is requirement of proper management so that goals
and objectives can be achieved in better manner. Management include planning, organising,
staffing, directing and controlling. Hence, this is the data applied in research for getting better
results and accomplishing aim of this.
RECOMMENDATION
After going through this research it has been recommend that, ship management company
have to provide proper training as well as development program to their crew members so they
can do work effectively which result in success for business. Along with this, by optimum
utilisation of available resources which is important for reducing cost of activities and taking
competitive advantage in the market area. Moreover, shipping companies have to hire skilled
employees so they will contact with clients as well as suppliers in proper manner.
Furthermore, usage of internet is increasing more and more so shipping organisations
have to implement electronic communication system in their working. So they will easily
communicate with their same country as well as global level suppliers or customers easily. For
ship management organisation it is required to implement strategic planning practices that assist
them to managing each and every activities in effective manner. They requires to work through
Planned Maintenance System in which they can identify requirements of operational and
functional resources in order to attaining higher competitive advantages easily. One of the major
requirement of such management organisations is to provide training for the staff member in
order to enchaining their working capabilities and skills for effective working practices.
CONCLUSION
From the above discussion it has been concluded that, best practices is the most suitable
method throw which ship management companies can improve their operations such as crewing,

technical management, financial, quality and safety management. Because these all play
important role in accomplishing day to day targets in effectual manner. Along with this, shipping
industry is becoming more competitive now a days so for taking better place in the market area
as well as competitive advantages there is requirement of cost optimization. Because it is more
business focused and have continuous discipline in driving and reducing cost while maximising
values of shipping business. Furthermore there are some key strategies whose implementation
result in success for shipping organisation i.e., customer relationship strategy, knowledge
management strategy and re-aligning as well as enhancing core values. Every organisation
motive is to achieve their goals and objectives which can be possible by proper planning, clearly
define goals to every crew members as well as tracking performance. Apart from this,
management play important role in success of every business whether it is large of small so ship
management companies have to do proper management.
AREA OF FURTHER STUDY
This research is based on ship management companies and their operations to be
performed effectively for optimising cost. After conducting research on this topic researcher
identify importance of ship management companies in the business environment. Along with
this, in what effective manner they are operating for cost optimisation as well as getting better
position in market. If researcher want to do further study on this or continue the topic then this
research will help them. Moreover, it will be beneficial for understanding the concept of ship
management in business world. In simple term it can be said that, this research will be beneficial
for both individual and the ship management organisation. Because with the assistance of it
particular person can get knowledge about the operational and several other activities of ship
management companies as well as how they reduce cost for taking better place in the market
area. On the other hand, benefits for organisation is that they can identify several more ways of
doing work and accomplishing goals as well as objectives within required time period.

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