The most significant regulations of MLC, 2006 regarding crew occupational safety and relevant health provisions that are added in the international regulatory framework or differentiated in comparison to SOLAS, STCW, MARPOL, are the main subject of this thesis along with a cost analysis of the implementation and audit of relevant articles for a medium sized Greek ship management company. Under Article IV of MLC, 2006, every seafarer has the right to a safe and secure workplace that complies with safety standards, to fair terms of employment, to decent working and living conditions on board ship and to health protection, medical care, welfare measures and other forms of social protection. Scope of this thesis is to examine how these conditions eventually influenced shipping industry. Mapping, step by step, the most important changes occurred from the implementation of MLC, 2006, respective costs recognized in order to determine, in monetary terms, how and in what extent shipping companies have been affected.