Shipbrokers are the middleman between the ship owners and traders, they are responsible for transporting the goods around the globe. Shipbrokers also forms the legal agreements between ship owner and trader. Moreover, shipbrokers modify the clauses in the agreement, according to the ship owner or trader requirements. There are two types of ship brokers such as charting brokers and sale and purchase brokers. The charting brokers are the intermediary between the traders and the ship owners, whereas the sale and purchase brokers are the intermediary between the ship buyers and sellers.
Increasing demand for maritime transport and value added services are expected to drive the growth of the market.
The demand for maritime transport by the traders is increasing due to the factors such as globalization and developing infrastructure of sea ports. The maritime transport can ship heavy freights and vessels, across the globe. The maritime transport is more affordable over other mode of transportation, in case of the heavy and bulk items. For instance, according to the CMI analysis, the global maritime transport pegged for 11.1 Billion tons, in terms of volume in 2018 and it is estimated to exhibit a CAGR of 5.7% over the forecast period. Thus, increasing demand for maritime transport, globally is expected to drive demand for shipbroking.
In addition, currently shipbrokers are also offering value added services such as insurance of goods, storage facility for goods, and inland transportation of goods. The shipbrokers also act as advisors to the ship owners and traders. There are many risk in the shipping business such as theft from pirates at sea, sea storm, and damage or loss of containers. The shipbrokers can identify the risk associated and make recommendations. Owing to all these reasons the shipbroking market is expected to exhibit significant growth over the forecast period.
The online platforms such as OPENSEA.PRO is the restraining factor for the growth of the market. The online platforms are connecting the ship owners and traders around the globe. They offer services such as fixing transportation prices, transaction processing, and coordination between ship owners and traders.
Shipbroking Market Taxonomy
On the basis of services, the global shipbroking market is segmented into:
- Container Vessels
- Dry Bulk
- Sales and Purchase
- Offshore Services
- Newbuilding Services
- Salvage and Towage services
On the basis of industry, the global shipbroking market is segmented into:
- Oil and Gas
- Aerospace and Defense
On the basis of region, the global shipbroking market is segmented into:
- North America
- Asia Pacific
- Latin America
- Middle East
Major players operating in the global shipbroking market include BOLLORE LOGISTICS, Cathay Pacific Airways Limited, CEVA Logistics, Air China Ltd, Deutsche Lufthansa AG, DHL Express (Deutsche Post), FedEx Corporation, Korean Air Co., Ltd, and Singapore Airlines.