The paper examines Estonia’s maritime sector from the point of view of its stakeholders and their strategic choices regarding several critical issues. Business activities of maritime sector are dependent on public services and regulations on safety, security related services and regulations, environmental conditions related issues, and the sulphur emission regulation which will be introduced from 2015, as the most recent example. One impact of this dependence is that a big number of different stakeholders are involved and would like to see their values and preferences are brought into governance process. The paper provides a structured overview of these stakeholders and their position in governance issues.