The main purpose of this thesis is to highlight the importance of TMSA Programme (Tanker Management and Self Assessment) and the effect of their results on a company’s performance, economic growth, long term sustainability and commercial transactions with first-class oil majors. TMSA, which is a part of the tanker vetting scheme, was created as a tool to lead to continued improvement in the Management system of a company. The tanker management company is expected to develop a comprehensive plan for full compliance with both the key performance indicators and the best practices identified in the TMSA Programme. As presented in this essay, TMSA assesses the management system and Major oil companies then reviews SIRE reports and TMSA submissions and use these results as a baseline when performing management audits to determine if the tanker management company is, in fact, operating in accordance with expectations. In the second chapter, the third edition of TMSA is explanatorily analyzed as well as the relevant revised Key Performance Indicators and the revised best practices guidance. The results of self-assessment can be used to develop an improvement plan basing on four stages, in order to achieve safety and environmental excellence. Also, the 13 elements of TMSA3 are presented concerning all operations activities that a tanker operator follows or must follow. Finally, the benefits of the implementation of TMSA3 are shown in the last Chapter.