The intense interest of the scientific community for Corporate Governance during the last decade worldwide, the key role played by the Greek Shipping Companies in economic growth and the reliability of accounting information through the Financial Statements prepared according to the generally accepted accounting principles, were the motivation of this study.In this research, we investigated whether the adoption of the principles of Corporate Governance from the Greek Shipping Companies listed on the Stock Exchanges of New York, has affected their profitability. According to our findings, there seems to be such an effect and it is corroborated in the shipping industry. Our findings also converge with other studies in international bibliography and concern other categories of enterprises.