PSC aims to verify whether foreign flagged vessels comply with the applicable international conventions on safety, pollution prevention and crew living conditions. Where vessels are found not to be in substantial compliance, the PSC system imposes actions to ensure they are brought into compliance.
It is considered to be the second line of defence against substandard shipping, …show more content…
Financial gain in shipping is achieved mainly when a vessel is trading / sailing. Vessels are built to sail across the oceans contributing to the economic welfare of the society in general. A vessel kept in a port is in danger of being set off hire, a matter which has a direct adverse economic impact on the company. It should be noted that a ship does not provide financial rewards only to the owner, the crew and the charterer but also to the ports it visits, and in general the societies it …show more content…
In the case of Cyprus, if a vessel is banned from any MOU it is not allowed to be registered under the Cyprus flag. Furthermore, Cyprus has in place a policy that vessels detained by PSC 3 times within the last 2 years prior to the date of application for registration on grounds of safety or pollution prevention, as indicated in the EQUASIS data base and the data bases of the US Coastguard, Paris MOU and Tokyo MOU, are not accepted for registration in the Cyprus Registry. At the same time, the electronic data available to all of us today, dictates the implementation of rigorous policies. Even after the vessel changes ownership / management / flag its record will always be there to be seen by all. In certain instances potential buyers of the vessel may seek to pay lower than the market value price to purchase the ship or they may loose their interest to acquire the vessel. This is quite likely in particular for ships that have been banned from any