by Shipbroking involves brokering and chartering of ships for movement of commodities through various shipping routes. It assists shipping companies, traders and charterers in securing ship capacity for transporting cargo internationally through oceans and seas in a safe, efficient and cost effective manner.
The global Shipbroking Market is estimated to be valued at US$ 251.32 Mn in 2023 and is expected to exhibit a CAGR of 2.9% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Rise in cross border trade: Over the past few years, there has been significant rise in international trade owing to globalization resulting in increased seaborne trade. Various trade agreements between countries have further boosted trade volumes necessitating higher freight capacities and shipbroking services to efficiently transport cargo through sea routes. This has emerged as a major factor driving demand for specialized shipbroking services.
SWOT Analysis
Strength: The shipbroking market has a diverse base of ship owners and charterers which helps in brokering a variety of ships. It acts as an intermediary in shipping transactions which reduces contract complexities and risks for clients.
Weakness: Heavy reliance on global trade trends makes demand for shipbroking vulnerable to downturns in the shipping industry. Significant documentation and compliance requirements add to operational costs.
Opportunity: Rising seaborne trade volumes especially of dry bulk and container ships will drive the need for shipbroking services. Adoption of digital technologies can help streamline processes and expand service reach.
Threats: Economic slowdowns can negatively impact shipping volumes and demand for brokerage. Stiff competition from in-house chartering teams of large fleet owners.
Key Takeaways
The Global Shipbroking Market Demand is expected to witness high growth, exhibiting CAGR of 2.9% over the forecast period, due to increasing trade volumes globally. Rise in import and export of dry bulk commodities and containerized goods is driving the demand for specialized cargo ships and shipping services.
Regional analysis: The Asia Pacific region dominates the global shipbroking market with over 35% share, led by countries such as China, Japan and Singapore. This is attributed to the large fleet ownership in the region as well as being a major global shipbuilding hub. Europe is another prominent regional market owing to presence of leading shipbrokers based in the United Kingdom and Scandinavian countries.
Key players operating in the shipbroking market are Aries Shipbroking (Asia) Pte Ltd.,Braemar Shipping Services Plc,BRS Group,Chowgule Brothers Pvt. Ltd.,Clarkson PLC,E.A. Gibson Shipbrokers Ltd.,Fearnleys AS,Galbraiths Ltd.,Howe Robinson Partners Pte Ltd.,INTEROCEAN,Lorentzen & Stemoco AS,Maersk Broker KS,Maritime London Ltd.,McQuilling Partners Inc.,Poten and Partners Inc. The market is competitive with top players focusing on expansion of services and geographic footprint to gain higher assignments.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
