How Has the Shipbroking Market Size Evolved in Recent Years?
The shipbroking market has seen considerable growth due to a variety of factors.
• The shipbroking market is set to increase from $1.39 billion in 2024 to $1.46 billion in 2025, at a CAGR of 5.2%.
This growth is driven by a rise in maritime accidents, trade route expansions, growing demand for shipping services, increased ship connectivity, and a rise in wheat production.
What are the Market Size and Expected Growth Rates for the Shipbroking Market?
The shipbroking market is expected to maintain its strong growth trajectory in upcoming years.
• The shipbroking market is projected to reach $1.77 billion by 2029, with a CAGR of 4.9%.
Key factors include geopolitical events, environmental regulations, growing demand for cargo logistics, an increasing number of ship owners, greater demand for maritime transportation services, and the rise of third-party agencies in shipping. Trends include digital transformation, automation integration, changing trade patterns, regulatory compliance pressures, blockchain-based platforms, and the development of sea port infrastructure.
Which Key Drivers Are Propelling The Shipbroking Market's Growth?
The growth of the shipbroking market is set to be driven by the ever-increasing need for cargo logistics. This term relates to the proficient scheduling, implementing, and managing the transfer and storage of products from their source to their end location. Globalization of supply chains and amplifying international commerce has amplified the need for cargo logistics, necessitating effective and dependable transport and storage solutions. Shipbroking bolsters cargo logistics by effectively arranging and negotiating maritime transport, precisely pairing freight with ships, and managing contracts and shipping rates to ensure easy and economical transportation of commodities. For instance, the United States Department of Transportation, a government department in the U.S., stated in June 2024 that the domestic U.S. transportation via waterway was 644 million tons in 2023 and is projected to escalate to 1,238 million tons in 2050. Consequently, the escalating requirement for cargo logistics is propelling the success of the shipbroking market.
What Are The Key Segments Within The Global Shipbroking Market?
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
Subsegments:
1) By Container Vessels: New Container Vessel Brokerage, Secondhand Container Vessel Brokerage, Time Charter And Voyage Charter Brokerage
2) By Tankers: Crude Oil Tanker Brokerage, Product Tanker Brokerage, Chemical Tanker Brokerage, LPG Or LNG Tanker Brokerage
3) By Dry Bulk: Capesize Dry Bulk Brokerage, Panamax Dry Bulk Brokerage, Handymax Or Handysize Dry Bulk Brokerage
4) By Valuations: Vessel Appraisal, Investment And Risk Assessment, Condition And Inspection Valuations
5) By Recycling: Ship Demolition Brokerage, Scrapping And Recycling Services, End-Of-Life Ship Brokerage
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Which Emerging Market Trends Are Altering The Shipbroking Industry?
Primary players in the shipbroking market are keen on creating innovative digital solutions, such as ship auction platforms, to facilitate smoother boat transactions and improve market clarity. Vessel auction platforms are online solutions designed to encourage competitive bidding and sales of vessels, ensuring effectiveness and transparency in maritime industry dealings. For instance, in September 2023, GMS Inc., a UAE-based firm offering ship recycling and cash buyer services, introduced the Ship Recycling Portal, an innovative digital platform set to revolutionize the ship recycling sector. This portal simplifies the selling of end-of-life ships directly to shipyards and supports live auctions for these vessels, letting ship recyclers participate in bidding from their workplaces or residences, removing the requirement for face-to-face discussions. The platform delivers an open and efficient procedure, allowing potential buyers to view competitive bids and make educated decisions. The portal is also accessible to various shipowners and cash buyers, positing itself as a potential chief mechanism for delivering ships to recycling yards in the future.
Who Are the Key Players In The Shipbroking Market?
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 Ltd
• E.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
What Are The Regional Insights Into The Shipbroking Market?
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 regions covered in the shipbroking market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
