Shipbroking Market Size, Share, Growth, and Industry Analysis, By Type (Dry Cargo Broking, Tanker Broking, Container Vessel Broking, Futures Broking, Other), By Application (Bulker, Tanker, Other) and Regional Insights and Forecast to 2032

Updated On: 17 June 2024

SHIPBROKING MARKET REPORT OVERVIEW

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The global shipbroking market size expanded rapidly in 2021 and will grow substantially by 2027, exhibiting a prodigious CAGR during the forecast period.

The shipbroking market is an integral component of the marine sector, makes it easier to buy, sell, and lease ships worldwide. The market is expanding due to factors such the rise in logistics businesses, government imports and exports, and the growing demand for cargo logistics from the manufacturing sector.

The need for shipping services has increased due to a number of causes, such as the expansion of international trade and the need for effective product transit. Specialized vessels are becoming more and more necessary as a result of an increase in offshore oil and gas exploration activities. In addition, the shipbroking sector has grown as supply chains become more worldwide and just-in-time delivery becomes essential. Shipbroking applications cover specialized boats such as tankers, containers, dry cargo, and offshore vessels. In their capacity as go-betweens, shipbrokers negotiate contracts, function as a point of contact for shipowners and charterers, and offer crucial industry knowledge.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Many corporate competitions and events shifted to virtual formats during the pandemic. In order to set up the necessary infrastructure for these tournaments and allow contestants to compete remotely, shipbroking was crucial. The shipbroking market has suffered greatly as a result of the COVID-19 outbreak. The COVID-19 pandemics had significantly negative effects and growing environmental concerns are restricting the shipbroking market growth. Restrictions on foreign travel and transit led to inventory constraints, which in turn caused shipbroking services to climb even more. The market encountered challenges in the early phases of the pandemic due to disruptions in the supply chain, a labor shortage, and limitations on transportation. Government imposed restrictions on social gatherings and outing of people from their houses which reduces the services up to a certain level. But because transportation is an important part of market, there hasn't been much of a shift in the market for shipbroking products. To boost productivity and efficiency following the pandemic, the market should spend more in automation and digitization. A greater emphasis on food safety and cleanliness is probably going to result in better shipbroking methods and quality control procedures.

LATEST TRENDS

"Specialized And Sophisticated Advancements In Marine’s Industry Will Expand Market Expansion"

In the worldwide ship brokerage sector, one of the main trends is the application of advanced technologies. Global adoption of sophisticated business solutions is predicted to be facilitated by increased innovation and technology advancements. Technological developments in the maritime industry are proliferating more quickly because to greater investment in research and development. The increased connectivity of modern ships to intelligent systems like satellites, drones, powerful sensor systems, and other robotic devices is making them smarter. In order to obtain insightful information and make wise decisions, vessels are integrating analytics systems. Our shipping ports use technology-driven solutions for process optimization and efficiency, and they are primarily automated.

SHIPBROKING MARKET SEGMENTATION

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By Type

Based on type the global market can be categorized into Dry Cargo Broking, Tanker Broking, Container Vessel Broking, Futures Broking, Other.

• Dry Cargo Broking: In this segment, a dry cargo broker is a specialized position. This position usually deals with the chartering of bulk carriers for the benefit of a ship owner or a charterer who needs to move goods.

• Tanker Broking: This segment includes which are professionals in tanker chartering, which necessitates a distinct set of abilities, know-how, and networks than dry cargo brokerage. They may focus on chemical, gas, crude oil, or oil product tankers. Charter parties are maritime contracts negotiated by in a similar manner by tanker brokers.

• Container Vessel Broking: When it comes to finding and leasing containers, a container broker works on behalf of shippers, freight forwarders, and NVOCCs. They frequently take on the role of container lessor or lessee.

• Futures Broking: This segment includes of the amount paid to the broker for handling the clients' transaction execution, risk-taking, clearing, and settlement. In addition, future brokers help shippers obtain better rates for their loads by serving as a middleman between them and carriers.

By Application

Based on application the global market can be categorized into Bulker, Tanker, Other.

• Bulker: This segment includes a growing global need for dry bulk seaborne trade is the segment's main driver. Additionally, the need for bulkers, like dry containers, in the worldwide shipbroking business is being driven by the increase in the production of wheat and other non-perishable goods.

• Tanker: This segment includes a tanker is a type of ship used for bulk storage or transportation of liquids or gasses.

DRIVING FACTORS

"Need For Substantial Value Creation In The Transportation Process Will Boost The Market"

The primary driver of the worldwide ship brokerage market's expansion is the need for substantial value creation in the transportation process. One of the primary duties of shipbrokers in the maritime sector is to advise charterers on risk management. The shipping sector carries a number of risks, such as liability, fire, hull, and other third-party risks. The conditions of the contract must account for each of these risks. One of the shipbroker's primary responsibilities is to advise charterers on proper insurance for effective risk management. Ship brokerage is therefore a crucial part of the shipping industry. Furthermore, because of the complexity and breadth of the tasks that they play, these brokers possess not just a variety of formal qualifications but also a wealth of experience and global relationships within the marine industry. Furthermore, the shipping sector is evolving towards a more customer-focused approach. As a result, one of the factors propelling the worldwide shipbroking market throughout the projection period is the value these brokers create. In the worldwide ship brokerage sector, one of the main trends is the application of advanced technologies. Global adoption of sophisticated business solutions is predicted to be facilitated by increased innovation and technology advancements. Technological developments in the maritime industry are proliferating more quickly because to greater investment in research and development. The increased connectivity of modern ships to intelligent systems like satellites, drones, powerful sensor systems, and other robotic devices is making them smarter. In order to obtain insightful information and make wise decisions, vessels are integrating analytics systems. Our shipping ports use technology-driven solutions for process optimization and efficiency, and they are primarily automated.

"Value-Added Services Including Commodities Insurance, Storage Facilities, And Inland Transportation Are Currently Provided By Shipbrokers Will Expand The Market"

Another driving factor in the Shipbroking market is the value-added services including commodities insurance, storage facilities, and inland transportation are currently provided by shipbrokers. Additionally, the shipbrokers counsel dealers and ship owners. The shipping industry carries a number of risks, including the possibility of pirate robbery at sea, sea storms, and container damage or loss. The shipbrokers are able to determine the danger and offer suggestions. For all of these factors, it is anticipated that the shipbroking industry would increase significantly during the course of the projected year. The market is anticipated to be driven by traction toward international trade and maritime transportation. The need for shipbrokers is growing along with the growth of global trade and demand for maritime services. Shipbrokers are essential because they arrange charter contracts, make it easier for buyers and sellers to trade products, and offer effective logistics for the strategic international transit of goods. Global supply chains, emerging economies, and the growing demand for commodities all contribute to the expansion of international trade, which in turn fuels the rise of the shipbroking market growth.

RESTRAINING FACTORS

"Cyclical And Volatile Character And Internet Platforms May Potentially Impede Market Growth"

The cyclical and volatile character of the shipbroking sector poses a substantial challenge to the shipbroking market. Variations can be found in shipbroker profitability, freight rates, and vessel supply and demand. Market circumstances can be hampered by geopolitical conflicts, changes in regulations, economic downturns, and overcapacity in the maritime sector. Shipbrokers must overcome these obstacles by offering value-added services, adjusting to changing market conditions, and upholding solid client and industry ties. Lack of knowledge and awareness regarding documentation services combined with a shortage of qualified people may impede the shipbroking market's overall growth. The market's expansion is being hindered by the internet platforms. Globally, dealers and ship owners are interacting through internet channels. They provide services such transaction processing, pricing fixing for transportation, and coordinating between traders and ship owners.

SHIPBROKING MARKET REGIONAL INSIGHTS

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"Europe Dominating the Market due to Development Of The Shipping Sector In The Region"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

The largest shipbroking market share is predicted to be dominated by Europe over the projection period. The development of the shipping sector in the region, as evidenced by the number of significant ship-owning nations, and the expansion of maritime trade are the main drivers of the shipbroking market in Europe. The region's entire shipbroking business is anticipated to be driven by the presence of the top five nations in the world in terms of vessel ownership. The world's largest container fleet is located in Germany. Furthermore, trade within the region is expanding, particularly with wealthy nations like the Netherlands, Belgium, Spain, and Germany. Approximately 90% of the external freight commerce inside the European Union is conducted via sea routes.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The shipbroking market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Maersk (Denmark)
• Braemar Shipping Services (U.K.)
• Clarksons Shipping (U.K.)
• Howe Robinson Partners (Singapore)
• Simpson Spence Young (U.K.)

INDUSTRIAL DEVELOPMENT

February 2023: DNV GL and Alfa Laval teamed up: DNV GL and Alfa Laval declared their collaboration to create new shipbroking solutions. Enhancing the shipping industry's sustainability and efficiency will be the main goals of the solutions.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.