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What is the current size and annual growth rate of the shipbroking market?
The shipbroking market size has grown strongly in recent years. It will grow from $1.39 billion in 2024 to $1.46 billion in 2025 at a compound annual growth rate (CAGR) of 5.2%. The growth in the historic period can be attributed to a rise in maritime accidents, trade route expansions, a rise in demand for shipping services, increased connectivity of modern ships, and an increase in the production of wheat.
The shipbroking market size is expected to see steady growth in the next few years. It will grow to $1.77 billion in 2029 at a compound annual growth rate (CAGR) of 4.9%. The growth in the forecast period can be attributed to geopolitical events and environmental regulations, rising demand for cargo logistics, an increasing number of ship owners, increasing demand for maritime transportation services, and a growing number of third-party agencies in the shipping business. Major trends in the forecast period include digital transformation, integration of automation, shifting trade patterns and regulatory compliance pressures, the development of blockchain-based platforms, and the development of sea port infrastructure.
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Which major factors have contributed to the expansion of the shipbroking market?
The rising demand for cargo logistics is expected to propel the growth of the shipbroking market going forward. Cargo logistics refers to the efficient planning, execution, and control of the movement and storage of goods from their origin to their destination. The demand for cargo logistics is rising due to the globalization of supply chains and increasing international trade, necessitating efficient and reliable transportation and storage solutions. Shipbroking enhances cargo logistics by negotiating and arranging sea transport, efficiently matching cargoes with vessels, and managing contracts and freight rates to ensure smooth and cost-effective movement of goods. For instance, in June 2024, according to the United States Department of Transportation, a US-based government department, in 2023, the domestic U.S. transportation through Water mode was 644 million tons, expected to reach 1,238 million tons in 2050 . Therefore, rising demand for cargo logistics is driving the growth of the shipbroking market.
How is the shipbroking market segmented?
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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Who are the top competitors 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
Which key trends are expected to influence the shipbroking market in the coming years?
Major companies operating in the shipbroking market are focusing on developing advanced digital solutions, such as vessel auction platforms, to streamline vessel transactions and enhance market transparency. Vessel auction platforms are online platforms designed for the competitive bidding and selling of ships, promoting efficient and transparent transactions in the maritime industry. For instance, in September 2023, GMS Inc., a United Arab Emirates-based provider of ship recycling and cash buyer services, launched the Ship Recycling Portal, a groundbreaking digital platform to transform the ship recycling industry. The ship recycling portal revolutionizes ship recycling by simplifying the sale of end-of-life vessels directly to shipyards. This platform facilitates real-time auctions for end-of-life vessels, allowing ship recyclers to bid conveniently from their offices or homes, eliminating the need for in-person negotiations. The portal provides a transparent and efficient process, enabling buyers to see competing offers and make informed decisions. The platform is also open to other shipowners and cash buyers, positioning it as a potential primary method for delivering vessels to recycling yards in the future.
Which regional trends are influencing the shipbroking market, and which area dominates the industry?
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 Does The Shipbroking Market Report 2025 Offer?
The shipbroking market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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.
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