ABSTRACT
In this chapter some methods are discussed by considering the necessity of stakeholders adopting a commonly accepted tool capable of evaluating the costs and benefits of a new regulation introduced in the industry. In this process, emphasis is given to the need for a unified maritime regulatory environment under the umbrella of the IMO and the position of a small stakeholder. The choice of these two stakeholders is twofold: first, to indicate how the IMO should assess the industry’s ability to implement a regulation; and second, to assist a small stakeholder to plot its strategy in order to comply effectively with a regulation.
Some challenges are expected to follow when an organization or a company uses the presented methods to monitor its regulatory performance. In the case of an international organization, such as the IMO, the various strengths and weaknesses of each organization should be considered. A new maritime regulation should be scientifically rational and at the same time its implementation should be applicable to smaller companies in order to avoid the creation of monopolies in the shipping industry.
In the case of states, the methods may be used under two different hats, either as a flag state or a coastal state. Similarly, on an individual level, a person may serve more than one position at the same time, e.g. DPA and marine superintendent. The above obstacle may be eliminated when the roles are examined and measured separately.
The most important issue is the commitment from the highest managerial level for the effective implementation of the tools. The tools would be useless if the stakeholders are unwilling to comply.
