Recent structural changes to the shipping industry triggered severe liquidity risks for not only small and medium-sized shipping lines but also global lines. Despite a severe downturn in the industry, a few lines have shown stable performance their finances. This study thus raises two research questions. Why do a few shipping lines maintain stable financial performance (FP)? How much does the governance feature (GVF) and the business scope (BSC) influence FP? To answer these questions, this research uses regression analysis (RA) to verify the relationships among the variables, GVF, BSC, and FP. The result of the RA showed a positive relationship between BSC and FP, but slight relationship between BSC and GVF and between knowledge and FP.