The shipbroking market consists of shipbrokers that act as an intermediary and negotiate the sale and purchase agreements of ships on behalf of shipowners and other maritime clients. Shipbroking is a key facilitator of seaborne trade by bringing buyers and sellers together through competitive sale and purchase processes.
The global shipbroking market is estimated to be valued at US$ 289.53 billion in 2024 and is expected to exhibit a CAGR of 10% over the forecast period 2024 to 2031.
Market key trends
Turbine upgrades have emerged as a key trend in the shipbroking market. Many shipowners are upgrading their existing turbines with advanced models that deliver higher efficiency and output. This is being driven by stringent emission norms and the need to reduce fuel costs. The upgraded turbines require specialized engineering and installation services. As a result, shipbrokers are facilitating an increasing number of turbine upgrade contracts between shipowners and turbine OEMs. This is fueling revenue growth in the shipbroking market.
Segment Analysis
The global shipbroking market is segmented by type into dry cargo brokerage, tanker brokerage, container brokerage, and other segments. The dry cargo brokerage segment is expected to dominate the shipbroking market during the forecast period. Dry cargo shipping involves transportation of general cargo like grains, steel products etc. by ships. Due to growth in international seaborne trade of such dry cargo commodities, the demand for brokerage services associated with dry cargo ships is rising steadily.
Key Takeaways
The global Shipbroking Market Size is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis
The Asia Pacific region is expected to dominate the global shipbroking market during the forecast period. International seaborne trade has been rising significantly across Asia due to rapid industrialization and growth in import and export of commodities. Countries like China, Japan, and South Korea have large shipping fleets and are major traders. This is augmenting the demand for shipbroking services in Asia Pacific.
Key players operating in the shipbroking market include Stem Shipbroking Services, Braemar Shipping Services PLC, Clarksons Shipping, Howe Robinson Partners, and Simpson Spence Young. These players are focusing on expanding their global presence by acquiring regional shipbroking firms. For instance, in 2021, Howe Robinson Partners acquired UK-based shipbroking firm Maritime Strategies International to strengthen its dry cargo broking capabilities in the European market.
Explore more related article on this topic: https://www.pressreleasebulletin.com/shipbroking-market-is-driven-by-growing-seaborne-tradevolumes/
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