SHIPBROKING MARKET ANALYSIS

Shipbroking MarketSize and Trends

Increasing demand for maritime transport and value added services are expected to drive the growth of the market.

The demand for maritime transport by the traders is increasing due to the factors such as globalization and developing infrastructure of sea ports. The maritime transport can ship heavy freights and vessels, across the globe. The maritime transport is more affordable over other mode of transportation, in case of the heavy and bulk items. For instance, according to the CMI analysis, the global maritime transport pegged for 11.1 Billion tons, in terms of volume in 2018 and it is estimated to exhibit a CAGR of 5.7% over the forecast period.  Thus, increasing demand for maritime transport, globally is expected to drive demand for shipbroking.

In addition, currently shipbrokers are also offering value added services such as insurance of goods, storage facility for goods, and inland transportation of goods. The shipbrokers also act as advisors to the ship owners and traders. There are many risk in the shipping business such as theft from pirates at sea, sea storm, and damage or loss of containers. The shipbrokers can identify the risk associated and make recommendations. Owing to all these reasons the shipbroking market is expected to exhibit significant growth over the forecast period.