by A shipbroker facilitates transactions between ship owners and charterers by arranging trades of ships and shipping services. They provide services like shipping sale and purchase transactions, freight contracts and cargo insurance. Shipbroking plays an important role in the maritime industry by connecting buyers and sellers of ships, cargo space and other services. It helps in efficient management of global seaborne trade.
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:
One of the major trends in the shipbroking market is consolidation through mergers and acquisitions. This allows shipbrokers to expand their global presence and acquire new capabilities. For example, in 2022, Howe Robinson acquired London-based Galbraiths to expand its superyacht broking business. Surging global seaborne trade is another key trend positively impacting the market. International marine trade grew at a healthy rate over the past few years and this is expected to continue driving demand for shipping services and boost the shipbroking market. Growing populations and economic development across emerging nations is fueling demand for dry bulk commodities and container cargo, benefiting shipbrokers. Also, recovering oil and gas industry post pandemic is boosting demand for tankers and gas carriers.
Porter’s Analysis
Threat of new entrants: The shipbroking market requires high initial investments and expertise to gain customer trust. This makes the threat of new entrants moderate.
Bargaining power of buyers: Large shipping lines have strong bargaining power over shipbrokers due to their ability to directly negotiate with ship owners. However, smaller shipping lines have moderate bargaining power.
Bargaining power of suppliers: Ship owners have moderate bargaining power over shipbrokers as shipbrokers play an important role in connecting ship owners and charterers.
Threat of new substitutes: There exists no close substitute for shipbrokers currently. Their role in charter broking remains indispensable.
Competitive rivalry: The shipbroking market is highly fragmented with the presence of global and regional players. Competition is intense.
Key Takeaways
The Global Shipbroking Market Demand is expected to witness high growth, exhibiting CAGR of 2.9% over the forecast period, 2023 to 2030, due to increasing marine trade activities globally.
Regional analysis: Asia Pacific dominates the shipbroking market currently, with China and India being the major markets. Strong trade ties between Asia and other regions have fueled brokerage demand. Europe and North America also hold significant shares.
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. Major players are focusing on mergers and acquisitions to expand globally.
Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
