Globalization that matches the nature of shipping companies has to be a key factor for their organizational structure and operation. A growing number of them, to exploit the benefits of international integration of capital markets, have adopted a more specific organizational structure trying to implement corporate governance mechanisms. Meanwhile, the majority of maritime firms, particularly with headquarters in Greece, continue to operate in a traditional basis, since the family capitalism still holds the scepters. This article aims to assess the role of corporate governance as a determinant of the operational and financial performance of maritime business, raising questions for further investigation. It reviews the literature on corporate governance practices, focusing on maritime firms trying to analyze the effects of corporate governance in their financial performance. Research on corporate governance in the shipping sector, despite the growing stream of related studies, remains still understudied. This is the reason why empirical findings of the reviewed studies should be treated with caution, since the theoretical framework in corporate governance is still under investigation in shipping. Further research needs addressing all major subsystems of a maritime firm, so as their impact on governance structures of maritime business to be evaluated and measured.