The shipbroking market involves the sale and purchase of ships and chartering of ships. Shipbrokers act as intermediaries between ship owners and charterers in the sale, purchase, and chartering of ocean-going vessels. Shipbroking services include sale and purchase brokerage, dry bulk brokerage, tanker brokerage, LNG/LPG brokerage, and container brokerage. The increasing global seaborne trade and large order books of container vessels and dry bulk carriers are driving the demand for shipbroking services.
The Global Shipbroking Market is estimated to be valued at US$ 289.53 Bn in 2024 and is expected to exhibit a CAGR of 10% over the forecast period from 2024 to 2030.
Key Takeaways
Key players operating in the Global shipbroking market Demand are Doosan Heavy Industries & Construction,Toyota Turbine and Systems Inc.,Ballard Power Systems Inc.,Mitsubishi Electric Corp. ,Suzlon Energy Ltd.,Vestas Wind Systems A/S,Rolls-Royce Plc,Capstone Turbine Corp.,Sharp Corp.,General Electric.
The growing international trade and demand for transportation of bulks such as iron ore and coal are fueling the growth of the shipbroking market. Shipping lines charter more vessels to support the increase in seaborne trade volume.
Shipbroking companies are expanding globally to tap opportunities in emerging markets such as Asia and Latin America. The shipbroking giants are making strategic acquisitions and partnerships to strengthen their global presence and service portfolio.
Market key trends
The rise of automation and digitalization in the shipping industry is one of the key trends in the shipbroking market. Shipbrokers are increasingly adopting digital solutions and platforms to connect with clients and streamline operations. Analytics tools are helping shipbrokers provide data-driven insights and risk assessment. Automated processes are reducing paperwork and enhancing transaction speeds. The implementation of blockchain, AI, and IoT is optimizing operations across the shipping and chartering process.
Porter's Analysis
Threat of new entrants: The high capital requirements for business setup and acquiring licenses poses barriers for new players.
Bargaining power of buyers: There is high bargaining power of buyers due to large number of brokers in the market competing against each other.
Bargaining power of suppliers: Suppliers have low bargaining power due to availability of substitutes and less differentiation in services provided.
Threat of new substitutes: Threat from substitutes is low as shipbroking requires specialized skills and relationships with principals.
Competitive rivalry: The market is highly fragmented with presence of global and regional players competing on service quality and expertise.
Geographical regions of concentration:
The European region accounts for the largest share of the global shipbroking market owing to extensive transportation of goods via ships. Key markets include United Kingdom, Germany, Greece, Norway and Netherlands.
Fastest growing region:
The Asia Pacific region is expected to witness the highest growth during the forecast period attributed to rising seaborne trade, economic development and increasing maritime freight operations in countries such as China, India and South Korea.
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