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Regulatory Compliance Policy


Increasing Regulatory Demands
The regulatory requirements with which vessel owners and operators are required to comply are continuing to become more stringent, as well as increasing in overall number and breadth of coverage. Significant legislation coming this way or on the horizon includes ballast water treatment systems and Electronic Charts. The recently implemented Maritime Labor Convention (MLC 2006) is facing fundamental difficulties due to varying interpretations of who is the ‘Ship-owner’ by the flag administrations..

The self-management of new regulation continue to become more difficult, costly and time- consuming for vessel owners and operators. It clearly make sense to pass the responsibility for regulatory compliance to experienced external ship managers who possess the necessary specialist knowledge and compliance control systems.

Regulatory Compliance
As the leading global independent ship management company, PSM possesses an exemplary track-record of maximizing the operational efficiency physical condition of its managed vessels in strict compliance with the international and national regulations and the requirements of its customers.
In addition to international and national regulations, the Company must also satisfy particular compliance requirements of certain end-customer groups, notably the oil companies who are the ultimate customers of some of PSM’s ship owning customers. The oil majors have strict internal and external operational safety requirements that may go beyond industry requirements and regularly undertake vessel inspections (known as “vetting”). They typically also require a minimum level of officer experience above required by international regulations.

PSM’s industry-leading standards of service delivery and regulatory compliance across the organisation are maintained through the PSM Group Management System. This comprises a series of detailed policy and procedure manuals which set out for employees and crew how the Company should conduct its business on strict accordance with all relevant international and national regulations and customers’ requirements. PSM Group also has a dedicated team responsible for monitoring new regulatory developments and providing compliance advice to managers.