Self-Regulation of the global ship management sector has taken a step nearer reality following the announcement that a method has been developed to set an industry-wide standard for operational key performance indicators (KPI) governing the management of today’s ships. A pilot project initiated by a Sponsor Group made up of the International Ship Managers’ Association (ISMA) together with 18 of the world’s leading ship managers and owners has identified a methodology to establish common standards for measuring, calculating and reporting KPIs to the industry. The move is significant in that it is the first time since the establishment of ISMA in the late 1980s that the global ship management industry has come together to agree how to self-regulate.