Ship Management Launches Reformed Governance Plan in Face of Waning Industry Profits
Recent economic breakdowns of ship ownership expenses indicate approximately 28 percent of the industry's total revenue is currently allotted to management while an additional 45 percent is typically earmarked for crew salaries and upkeep. With rising administrative fees figured into the equation, owners find their profit margins rapidly waning. In light of these issues, Mike Mulrooney of Ship Management has launched the company's reformed governance plan for clients.