Press release
Rising Cargo Logistics Demand Spurs Shipbroking Growth: Key Factor Driving The Growth In The Shipbroking Market
Shipbroking Market Growth
What Is the Expected Shipbroking Market Size During the Forecast Period?
The shipbroking market has developed steadily. It will expand from $1.39 billion in 2024 to $1.46 billion in 2025 at a CAGR of 5.2%. Factors influencing this growth include more maritime incidents, expansion of trade routes, growing demand for freight services, enhanced connectivity of modern vessels, and increased wheat production.
The shipbroking market is forecast to grow to $1.77 billion by 2029 at a CAGR of 4.9%. This growth is driven by geopolitical events, environmental regulations, demand for cargo logistics, and rising maritime transportation services. Key trends include digital transformation, automation integration, trade pattern shifts, blockchain platform development, and sea port infrastructure improvements.
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What Are the High-Growth Segments in the 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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What Key Drivers Are Expected to Influence Future Shipbroking Market Growth?
The shipbroking market is expected to grow due to rising demand for cargo logistics. Globalization and international trade are increasing the need for efficient transportation and storage solutions. Shipbrokers play a vital role by negotiating sea transport, managing freight rates, and ensuring smooth cargo movement. For example, in 2024, the U.S. Department of Transportation reported that domestic waterway transport in the U.S. was 644 million tons in 2023, expected to reach 1,238 million tons by 2050. Thus, the rising demand for cargo logistics is propelling the shipbroking market.
Which Companies Hold the Largest Share Across Different Shipbroking Market Segments?
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 Latest Developing Trends in the Shipbroking Market?
Companies in the shipbroking market are developing digital solutions like vessel auction platforms to streamline transactions and increase market transparency. For instance, in September 2023, GMS Inc., a UAE-based company, introduced the Ship Recycling Portal, a platform for real-time auctions of end-of-life vessels. This digital solution simplifies the sale process, offering a transparent and efficient auction experience for buyers and sellers.
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What Are the Emerging Geographies for The Shipbroking Market Growth?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Shipbroking Market?
2. What is the CAGR expected in the Shipbroking Market?
3. What Are the Key Innovations Transforming the Shipbroking Industry?
4. Which Region Is Leading the Shipbroking Market?
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