Since the mid-1990s ABS has taken over about 90 percent of the inspection work of deep draft vessels the coast guard once did. The $1 billion Houston-based nonprofit gets most of its revenue from the companies it’s paid to monitor. Some say it’s like the fox guarding the henhouse. After all, the shipping companies are its only client. They’re paying the ABS to keep their crew safe, but their real interest is in keeping their insurance premiums low and keeping their vessels sailing.
