The economic aspect of running a merchant vessel is of prime importance as a shipowner requires a build which maximises the returns for his initial investment and covers his running costs.
This implies that the final design takes into account the economic conditions at the time of building, and also those that are likely to develop within the life of the ship.
Apart from this, the safety of seafarers on board, the type of vessel, the operational logistics of the voyages is taken into serious consideration while planning and executing the shipbuilding operations.
Various classification societies which are based out of different maritime nations have come into existence for initial and continual inspection of ships. These are well reputed and reliable organizations which assess and maintain a ship’s seaworthiness and award them a classification.
The Classification Societies Include the following;
Great Britain—Lloyd’s Register of Shipping
France—Bureau Veritas
Germany—Germanischer
Lloyd Norway—Det Norske Veritas
Italy—Registro Italiano Navale
United States of America—American Bureau of Shipping
Russia—Russian Register of Shipping
Japan—Nippon Kaiji Kyokai.
Classification societies publish rules and regulations concerned with the provision of adequate equipment, the reliability of the machinery used on board, the strength of the ship, etc. The vessel may be built in any country and are not restricted to classification only by the relevant society of that country; they can follow regulations in accordance with the rules of any particular classification society.
Most of the world’s merchant ships are currently being built by Japan and Korea, which together made about 77 percent of the gross tonnage delivered in the year 2000.
While classification is not compulsory for all ships, it is a common industry practice as it is a good endorsement for the company and vessel.
Shipowners with an unclassed ship must satisfy governmental regulating bodies to ensure that the vessel has necessary structural strength for assigning a load line, and the issuing of a safety construction certificate.
