This paper contains a detailed analysis of the International Safety Management Code (ISMC), a fundamental sea-based standard whose priority is safety through incorporating safety management systems (SMSs) that meet the requirements of shipping companies. Established by the International Maritime Organization (IMO) in 1993, the ISM Code’s primary goal is to reduce maritime accidents by enforcing safety on board. This study includes the historical part of the ISM Code, the evaluation of its efficiency as well as the identification of the obstacles that stand in the way of its actual implementation. In addition to providing this information, this section also explains the rise of the ISM Code through considerations such as the effects of technology and the implementation of strict environmental legislation.