Recently there has been exponential growth in global shipping and trade. This increase requires prompt action to reduce environmental pollution and damage to biodiversity caused by ballast water discharge. However, there is currently no international instrument available to hold the global shipping corporations accountable for their vessels' performance in ballast water-caused pollution reduction. This article critically assesses the current accountability practices of the top 20 global shipping corporations and finds that they rarely disclose information on their vessels' performance in ballast water regulation. A novel interdisciplinary framework for improving the accountability of shipping corporations using external disclosure as a Market Based Mechanism is furnished.