--- - |2 Abstract In this study, we analyse the consequences of the conditions of the labour‐market contracts for working on board merchant ships. More specifically, we examine how seafarers hired on different contracts work together. Seafarers’ conditions of work differ considerably: some, mainly workers in the West, have permanent contracts with a shipping company, are paid a relatively high monthly wage and can go ashore every second month, whereas others performing the same tasks may have to stay at sea for more than six months at a time, and work for less money on temporary contracts. Drawing on the economic sociology of markets and institutional theory, in this article we present the institutional conditions of globalized labour markets for seafarers and analyse unique data derived from observations and interviews on board merchant ships. We argue that the notion of market is a key explanatory factor for how the work is conducted on board. Theoretically, our elaboration on markets allows us to conceptualize and address global and transnational markets. - 'Global Networks, EarlyView. '