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We understand that all ship managers are under pressure which is constantly increasing. The charter rates are coming down due to the overcapacities in the market of today. This makes the operators fight for the cargo and reduce the fuel cost which is one of the main blocks. It appears that the ship operators have to sit somewhere in the middle and face the necessity to gain the management contracts while trying to maintain reasonable fees. However, the requirements on liability of the ships are also to be taken into consideration as necessary. We wish to invite our reader, industry professionals and anyone interested in the shipping industry to check these best practice against their operations and get some new and fresh ideas of the potential improvement areas. The publication comprises different approaches, business models and procedures that are in use by ship managers in order to make their business safer, more efficient and more friendly to the environment. First chapter of the book provides a management view on the best practice; the following chapters are focusing on the best practice in crewing, technical and financial management, quality and safety management, and procurement. The methodology and the importance of ICT have also been highlighted in this booklet.