Merchant shipping has always been exposed to accidental risks. Despite technological improvements, advanced training, and strict safety regulations (such as the International Safety Management [ISM] code and Marine Labour Convention [MLC] Code), accidents still occur and safety at sea continues to be a major issue for seamen, individual ships, and for the shipping companies that operate them. Additional stakeholders such as insurers and the public consuming products that are transported by sea (comprising the vast majority of trade worldwide) are also affected by these accidents.

The existing literature on shipping accidents has focussed on interpreting and explaining the impact of accidents at sea, but lacks in identifying the underlying critical factors and recommendations on how these accidents could be avoided. Thus, the aim of this research study was to investigate the range of reasons causing these accidents, and also to shed light onto why these accidents and incidents are more prevalent in some shipping companies than in others.

After a preliminary analysis of accidents affecting seamen, ships and shipping companies, the researcher identified five main factors that impacted the rate of accidents at sea. The five main factors namely (i) regulation compliance, (ii) profit orientation, (iii) safety management system, (iv) safety culture, and (v) accident prevention which provided foci to this research study were: (1) the extent to which safety management influences safety culture, (2) the profit-orientation and how it compromises safety management and safety culture in shipping operations, (3) the extent of observance on genuine regulatory compliance, and how it compromises
safety management and safety culture in shipping operations, and (4) the extent to which the previous three foci can have a positive impact on accident prevention. Throughout this study, it is argued that a high priority to reduce costs (increasing potential profits) can lead to the overlooking of unsafe practices and cultures and to partial or to a lack of compliance towards safety regulation standards, which can lead to accidents at sea.

The concept of regulatory implementation and compliance used in the present study is based on the ISM and on the MLC regulations that enforced the safety management system to build safety culture in shipping companies. However, this safety culture in a
shipping company is more abstract, as it includes the amalgamation of safety values, commitment to safe working practices through safety management system, and focus on accident prevention. Profit orientation can be seen in terms of pressure on achieving financial results in a context of reduced margins and rising costs -some shipping companies experience this more than others. These five main factors are interwoven and have been identified as significant in controlling the causes of accidents.

The methodology used in the present research study, included data collection and analysis of the causes of 20 major accidents that occurred before and after implementing ISM (1998) and which were used to consider the importance of an increase of regulatory practices. Has the incidence of accidents been reduced due to the implementation of regulatory practices? If the answer is no, why not? And why do some companies experience a higher number of accidents than others? Through the application of action research, two types of companies were identified Group A and to Group B. Companies belonging to Group A had a positive record in their safety
culture and of their safety management. This allowed for the prevention of accidents/incidents. Companies belonging to Group B had a negative record in their safety culture and in their safety management. Improvement of safety management systems and accident prevention in Group B companies, will contribute to a significant reduction in their number of accidents. During the present study, the researcher investigated shipping companies falling in Group A and in Group B. A sample from 552 multinational seamen (including safety managers) who completed a survey based on the five factors mentioned above was generated. The importance of each factor was analysed using mixed method research, Group A and Group B comparative structural equation modelling (SEM) and Atlas.ti program. It was found, the companies that belonged to Group B, were weaker in regulation compliance and that their profit
orientation had a negative effect on safety management system and safety culture. This resulted in a negative effect on prevention of accidents when compared to companies belonging to Group A.

The implications of this research findings can help to expand the knowledge of the seamen who work on ships, the shipowners, the practitioners in shipping industry, the investors, the policy makers /regulatory bodies, scholars in academia, and business management institutions. It will also help to create interactions and partnerships among academia, industry and governments.