It is a common knowledge that the Mediterranean Sea as well as the Black Sea have served as the theater of global shipping even from the dawn of humanity. As it is well established, shipping poses as the cornerstone not only for the global economy but also for sustainability. Albeit we tend to primarily focus on the financial impact of shipping, we should bear in mind that its effects spill over to many more domains. Shipping in the regions of the Mediterranean and the Black Sea has served as a catalyst toward social, cultural, and political evolution. However, what is the environmental footprint of shipping, and could green shipping, combined with a solid regulatory framework, be an efficient solution? The present work involves a historical note scrutinizing the history of shipping in the Mediterranean and the Black Sea, while it explores the environmental externalities as well as the legal framework regulating this very interesting domain of human practice.