Shipbroking Market 2024 – Market Size & Segments Analysis, Industry Trends, Manufacturers Analysis, Opportunities and Forecast 2030
Page: 215 | Report Code: AD241112 | Research Suite: Report (PDF) & Market Data (Excel)
The global market value of Shipbroking market was valued at USD 198.7 million in 2022, and CAGR of 4.5% is expected during the forecast period. Implementation of advance technologies, which guarantee the more efficient and effective shipping operations are driving growth in the market. Increasing awareness among the people, and technological advancement are the key reason behind the significant growth in the market. Increasing level of global trade, with increasing trade volume, and demand for ships are boosting the need for shipbroking services.
Growing economies or rising commodity prices do lead to higher demand for shipping services. Emerging economies like India, China, Japan, South Korea are the key drivers in the maritime trade. With growing economy, it increases demand for imported goods, driving shipping volumes. Increasing demand for marine and sub-marine operations, and to explore the underwater objects is the key reason behind the significant growth in the market.
Growth Drivers
The Oil and Gas sectors particularly the transportation of
crude oil, refined products, and LNG are crucial drivers for the shipping
industry. Changes in energy demands like increased energy transport boosts
specific sectors within ship broking. As ship owners seek to modernize and
expand their fleets to meet environmental regulations or capitalize on new
trade routes, the demand for ship broking services in the sales and purchase
segment rises. Increasing
level of global trade, with increasing trade volume, and demand for ships are
boosting the need for shipbroking services
New Environmental regulations such as IMO 2020 sulfur cap or decarbonization initiatives are driving changes in fleet composition. This often requires ship owners to upgrade vessels or seek charters for compliant ships, creating opportunities for brokers. Changes in trade routes, whether, due to political factors, new economic partnerships, or climate change shifts demand pattern, and affect the ship broking market.
Political stability and
conflict influence shipping routes, and insurance risks, affecting the demand
for different types of ships and influencing ship broking activities.
Technologies like digital freight matching, predictive analytics, and
blockchain, are increasing the efficiency of ship broking, making it easier and
faster to match ships with cargo, and buyers with sellers.
Segmentation
By Application
·
Bulker
·
Tanker
·
Others
End-User Industry
·
Manufacturing
·
Aerospace and Defense
·
Others
Regional Outlook
·
Asia Pacific
·
North America
·
Latin America
·
Middle East and Africa
·
Europe
Shipbroking Market End-User Industry
On the basis of the End-User, the shipbroking market is segmented into Oil and Gas, Manufacturing, Aerospace and Defense, Others. Oil and Gas is the leading segment in Shipbroking Market due to increasing urbanization, and industrialization and rapidly growing population. Oil and Gas are essential energy resources globally, resulting in constant demand for transportation of crude oil, Liquified Natural Gas, and refined petroleum products.
This demand makes oil, and gas a core focus for shipbroking industry.
Oil and Gas segment relies heavily on specialized large vessels like crude oil
tankers, LNG carriers, and product tankers. These vessels are in high demand
and require specific expertise for handling logistics, creating an active
market for shipbrokers. Transporting oil, and gas involves, complex regulatory,
safety, and logistical requirements. Shop
Brokers play a key role in navigating
these complexities, arranging suitable vessels, routes, insurance. further
driving demand in this segment. Oil and Gas industry is highly
influenced by geopolitical factors, like trade restrictions and sanctions,
which often change supply routes and logistics. Shipbrokers help clients
navigate this change. Manufacturing, and Aerospace are also one of the most
important leading segment.
Regional Outlook
On the basis of the regions the market is segmented into 5 parts: Asia Pacific, North America, Latin America, Middle East and Africa, and Europe. Europe is expected to dominate the market during the forecast period. Growth in seaborne trade and maturity in shipping industry is driving growth in the market significantly. Europe is the home to some of the world’s prominent maritime, and shipbroking hubs, such as London, Oslo, and Athens. London in particular has a long history as a global maritime center, offering well-established infrastructure, legal expertise, and skilled workforce dedicated to shipbroking. Europe has access to major maritime routes, through the North Sea, and the Mediterranean, facilitating easy movement of goods. Proximity to Atlantic trade routes provides Europe with a strategic advantage in connecting markets in Asia.
European countries particularly Greece, and Norway, have some of the world’s largest ship owning and operating communities. London offers a mature, and supportive financial, and legal environment for maritime transactions, such as insurance. European countries often lead in maritime regulations, from safety standards to environmental requirement. European shipbrokers are well versed in these regulations and advised clients on compliance, adding value to their services and attracting businesses.
Europe has some of strictest environmental regulations, which drive demand for newer eco-friendly ships. This has led to a vibrant market in Europe for chartering, selling, and purchasing vessels that comply with emissions and sustainability standards, further boosting shipbroking activities. Europe’s industrialized economy creates demand across various shipping segments, from crude oil to gas transport, to containerized goods, dry bulk commodities, and LNG. Europe’s political stability and strong regulatory institutions contribute to its reputation as a trustworthy center for international shipping. European brokers often act as intermediaries for complex, high value transactions, benefiting from the stable environment.
Presence of major key players in the region is
driving growth in the market significantly. Increasing level of global trade,
with increasing trade volume, and demand for ships are boosting the need for
shipbroking services. Asia Pacific region due to increasing industrialization,
and technological advancements in emerging economies is a key factor behind the
significant growth in the market. Middle East and Africa, and Latin America are
witnessing significant growth in the market. Increasing demand for oil-gas
market. Brokers play a key role in navigating these complexities, arranging
suitable vessels, routes, insurance. further driving demand in this segment.
Key Players
·
Aries Asia
·
Lorentzen and Company
·
Howe Robinson Partners Pte. Ltd.
·
Maritime London Ltd.
·
MB Shipbrokers KS
·
McQuilling Partners Inc.
·
SHIPLINKS
·
Simpson Spence Young Ltd.
·
SPI Marine UK Ltd.
·
E.A. Gibson Shipbrokers Ltd.
·
Seacore Shipbrokers Ltd.
· Other Players