Press release
Shipbroking Market Poised for 4.91 % Growth, Set to Hit $2.93 Billion by 2029
Shipbroking Market
The size of the shipbroking market has seen significant growth in the previous years. It is projected to increase from $1.39 billion in 2024 to $1.46 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 5.2%. The upsurge experienced in the past years can be credited to an increase in maritime incidents, the expansion of trade routes, a heightened demand for shipping services, improved connections in modern ships, and an escalation in wheat production.
It is anticipated that the shipbroking market will experience consistent growth in the coming years. The market is projected to elevate to $1.77 billion in 2029, with a compound annual growth rate (CAGR) of 4.9%. The expected expansion during this forecast period can be attributed to geopolitical incidents, strict environmental regulations, a surge in cargo logistics demand, an increase in the count of ship owners, a rise in maritime transportation services, and the evolution of third-party agencies in the shipping sector. Notable trends to watch during the forecast period include digital transitions, automation integration, alterations in trade patterns, regulatory compliance stress, the progression of blockchain-driven platforms, and the development of seaport facilities.
What Are the Key Drivers Behind the Growth of the Shipbroking Market?
The shipbroking market is set to expand due to the escalating requirement for cargo logistics. This term describes the methodical organization, implementation, and supervision of transporting and storing goods from their source to their ultimate location. As international trade grows and supply chains globalize, the need for cargo logistics is intensifying, leading to an increased demand for dependable and efficient transport and storage systems. The role of shipbroking in enhancing cargo logistics includes arranging and negotiating maritime transport, optimally allocating vessels to cargoes, and handling contracts and freight prices to ensure cost-efficient and seamless goods transportation. To exemplify, data provided by the United States Department of Transportation in June 2024 stated that domestic U.S. transportation through water reached 644 million tons in 2023, with a projected rise to 1,238 million tons by 2050. Consequently, the burgeoning need for cargo logistics is fueling the expansion of the shipbroking market.
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Who Are the Major Industry Players Fueling Shipbroking Market Expansion?
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
Which Key Developments Are Influencing the Shipbroking Market?
Prominent firms in the shipbroking market are turning their attention to the creation of innovative digital solutions such as vessel auction platforms. These platforms aim to streamline the process of vessel transactions and increase market clarity. Online vessel auction platforms are developed for the competitive selling and bidding of ships, thus fostering smooth and transparent dealings within the maritime sector. A case in point is GMS Inc., a UAE-based company specializing in ship recycling and cash buyer services, which launched the cutting-edge digital platform known as Ship Recycling Portal in September 2023. The Ship Recycling Portal is set to radically change the ship recycling sector by making the sale of end-of-life vessels to shipyards easier. This platform enables real-time auctions for these vessels, so that ship recyclers can place bids from their homes or offices without the necessity of face-to-face negotiations. The portal offers a quick and transparent procedure, whereby buyers can view rival offers and make educated decisions. The platform is also accessible to other shipowners and cash buyers, cementing its place as a leading method for delivering vessels to recycling yards in the future.
How Is the Segmentation of the Shipbroking Market Defined?
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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What Is the Leading Region in 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.
What Is Covered In The Shipbroking Global Market Report?
- Market Size Analysis: Analyze the Shipbroking Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Shipbroking Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Shipbroking Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Shipbroking Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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