The shipbroking market size has steadily grown in recent years, expected to increase from $1.33 billion in 2023 to $1.39 billion in 2024, at a CAGR of 4.9%. This growth during the historical period can be attributed to a rise in maritime accidents, trade route expansions, increased demand for shipping services, enhanced connectivity of modern ships, and an increase in wheat production. The shipbroking market is projected to grow to $1.69 billion in 2028, with a CAGR of 5% in the forecast period. This growth can be linked to geopolitical events and environmental regulations, a rising demand for cargo logistics, an increasing number of ship owners, heightened demand for maritime transportation services, and a growing number of third-party agencies in the shipping sector. Major trends expected in this period include digital transformation, integration of automation, shifting trade patterns, compliance with regulatory pressures, development of blockchain-based platforms, and enhancements in seaport infrastructure.
Major Driver In The Shipbroking Market
The rising demand for cargo logistics is expected to propel growth in the shipbroking market moving forward. Cargo logistics entails the efficient planning, execution, and control of goods' movement and storage from origin to destination. This demand is driven by the globalization of supply chains and increasing international trade, necessitating reliable and efficient transportation and storage solutions. Shipbroking enhances cargo logistics by negotiating and arranging sea transport, effectively matching cargoes with vessels, and managing contracts and freight rates to ensure smooth and cost-effective movement of goods. For instance, in June 2024, the United States Department of Transportation noted that domestic U.S. transportation via water mode was 644 million tons in 2023 and is expected to reach 1,238 million tons by 2050. Therefore, the increasing demand for cargo logistics is driving the growth of the shipbroking market, with sustained expansion projected through 2024 and into 2028.
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Shipbroking Market Competitive Landscape
Major companies operating in the shipbroking market are Maersk Broker K/S, Clarkson Plc, Barry Rogliano Salles International S.A., Simpson Spence Young Ltd, Howe Robinson Partners Pte Ltd, Poten and Partners Inc, SPI Marine LtdE.A. Gibson Shipbrokers Ltd, Galbraiths Ltd, ShipServ Ltd, Lorentzen and Stemoco AS, McQuilling Partners Inc, Maritime London Ltd, Braemar Shipping Services Plc, Agora Shipbroking Corporation, Anchor Shipbroking Inc, Bright Cook & Co Limited, Endole Ltd, Charles R. Weber Company Inc, Compass Maritime Services LLC, Fearnley Securities, Interocean Group, Seacore Shipbrokers Ltd, Shiplinks, Velian Ship Brokers
Key Shipbroking Market Trend
Major companies in the shipbroking market are focusing on developing advanced digital solutions, such as vessel auction platforms, to streamline vessel transactions and improve market transparency. Vessel auction platforms are online systems designed for the competitive bidding and selling of ships, facilitating efficient and transparent transactions in the maritime industry. For instance, in September 2023, GMS Inc., a UAE-based provider of ship recycling and cash buyer services, launched the Ship Recycling Portal, an innovative digital platform aimed at transforming the ship recycling industry. This portal simplifies the sale of end-of-life vessels directly to shipyards, facilitating real-time auctions for these vessels and allowing ship recyclers to bid conveniently from their offices or homes, thus eliminating the need for in-person negotiations. The platform promotes a transparent and efficient process, enabling buyers to view competing offers and make informed decisions. It is also accessible to other shipowners and cash buyers, positioning it as a potential primary method for delivering vessels to recycling yards in the future.
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Global Shipbroking Market Segmentation
The shipbroking market covered in this report is segmented –
1) By Type: Container Vessels, Tankers, Dry Bulk, Valuations, Recycling
2) By Application: Bulker, Tanker, Other Applications
3) By End Use: Oil And Gas, Manufacturing, Aerospace And Defense, Government, Other End Users
By Geography:The regions covered in the shipbroking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the shipbroking market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The Shipbroking Global Market Report 2024 furnishes information about the global shipbroking market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
