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 historic 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 sea port infrastructure.
Global Shipbroking Market Key Driver
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. The demand for cargo logistics is on the rise due to the globalization of supply chains and increasing international trade, which necessitate 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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Global Shipbroking Market Segments
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.
Major Shipbroking Industry Players
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
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Shipbroking Market Overview
Shipbroking is a specialized segment within the maritime industry involving the intermediary services between shipowners and charterers, or buyers and sellers of ships, facilitating vessel charters and ship sales. Shipbrokers provide market insights, negotiate terms, and ensure contractual obligations are met in the maritime industry.
Shipbroking Global Market Report 2023 provides data on the global shipbroking market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The shipbroking market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
