Shipbroking Is Estimated To Witness High Growth Owing To Increasing Global Seaborne Trade

Purvaja Jadhao

posted on 9 months ago — updated on 1 second ago

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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.

Shipbroking Is Estimated To Witness High Growth Owing To Increasing Global Seaborne Trade

Shipbroking involves managing ship charters and dealing between ship owners, charterers, ship operators, and other clients. Shipbrokers act as an intermediary in negotiating contracts for the ocean transport of cargo by ships. Their services include both sale and purchase of ships as well as ship chartering activities like time charters and voyage charters.

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 Dynamics:
Increasing global seaborne trade is expected to be a major growth driver for the shipbroking market during the forecast period. Around 90% of the global trade is transported by sea. Rapid growth of international trade due to globalization is boosting cargo volume and fueling demand for shipping vessels, boosting the shipbroking business. In addition, rising energy demands is increasing seaborne trade of oil and gas, thereby augmenting shipbroking services for oil tankers and gas carriers. Furthermore, a recovering global economy post-COVID pandemic is expected to facilitate growth in international commercial activities and ramp up shipping trade volumes globally in the coming years.

SWOT Analysis
Strength: Shipbroking market has experienced brokers with extensive experience and expertise. Brokers provide customized solutions and offers value added services. They help reduce clients' operating costs through competitive rates negotiation.
Weakness: Lack of technology adoption and digitization remains a challenge. Significant manual processes increase chances of errors. Fragmented nature of the industry increases compliance costs.
Opportunity: Growing maritime trade globally increases demand for shipbroking services. Adoption of blockchain and AI opens new opportunities. Clients' focus on sustainability offers scope to offer greener solutions.
Threats: Commoditization of standard services increases price pressure. Low entry barriers allow new players to quickly gain market share. Trade protectionism and geopolitical tensions impact seaborne trade.

Key Takeaways
The global shipbroking market is expected to witness high growth, exhibiting CAGR of 2.9% over the forecast period, due to increasing seaborne trade volumes between countries. Growing merchandise trade and expansion of container shipping has augmented demand for ships and ancillary services.

Regional analysis
The Asia Pacific region is expected to dominate the shipbroking market, accounting for over 30% revenue share in 2023. China, Japan, and South Korea are major exporters and operators of marine vessels in the region. Singapore is a leading location for shipbrokers due to its strategic position close to vital trade routes.

Key players analysis
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 moderately concentrated with top players holding around 30-35% share.