This article studies the implementation and effectiveness of maritime security requirements for shipping companies. Besides, it proposes and validates an Effective Maritime Security Management Model for the companies, which helps them to manage security effectively and obtain additional benefits. The model includes nine factors and is based on various approaches for maritime security management, such as risk-, quality-, business continuity-, total security- and layered-management approach. Among the factors are Security Culture, Management and Employee Commitment, Security Assessment, Security Policy, Documentation and Communication, Process Control, Continuous Security Improvement, Security Incidents Handling and Business Partners Security. The model was tested empirically through in-depth interviews with high-rank security professionals from shipping companies in Singapore who confirmed the importance of these security factors. However, further validation of the model will be conducted. The model will also be further developed into a security management toolbox that would help senior management in shipping companies to manage security effectively.