Dublin, Jan. 06, 2025 (GLOBE NEWSWIRE) -- The "Shipbroking Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The shipbroking market size has grown steadily in recent years. It will grow from $1.33 billion in 2023 to $1.39 billion in 2024 at a compound annual growth rate (CAGR) of 4.9%. The growth observed during the historic period can be attributed to several factors, including a rise in maritime accidents, expansion of trade routes, increased demand for shipping services, greater connectivity of modern ships, and a boost in the production of wheat.
The shipbroking market size is expected to see strong growth in the next few years. It will grow to $1.69 billion in 2028 at a compound annual growth rate (CAGR) of 5%. The projected growth during the forecast period can be attributed to several factors, including geopolitical events and environmental regulations, rising demand for cargo logistics, an increasing number of ship owners, growing demand for maritime transportation services, and a rise in third-party agencies in the shipping industry. Key trends expected during this period include digital transformation, integration of automation, shifting trade patterns and regulatory compliance pressures, development of blockchain-based platforms, and advancements in sea port infrastructure.
The rising demand for cargo logistics is projected to drive substantial growth in the shipbroking market. Cargo logistics involves the efficient planning, execution, and control of goods movement and storage from their origin to destination. The increasing globalization of supply chains and international trade has heightened the need for effective and reliable transportation and storage solutions.
Shipbroking plays a crucial role in cargo logistics by negotiating and arranging sea transport, matching cargoes with vessels, and managing contracts and freight rates to ensure the smooth and cost-effective movement of goods. For instance, in June 2024, the United States Department of Transportation reported that domestic U.S. transportation via water mode reached 644 million tons in 2023 and is projected to increase to 1.23 billion tons by 2050. This growing demand for cargo logistics is driving the shipbroking market.
Key players in the shipbroking market are focusing on developing advanced digital solutions, such as vessel auction platforms, to streamline transactions and improve market transparency. Vessel auction platforms are online systems designed for the competitive bidding and selling of ships, facilitating efficient and transparent transactions in the maritime industry. For example, in September 2023, GMS Inc., a UAE-based provider of ship recycling and cash buyer services, launched the Ship Recycling Portal.
This innovative platform transforms ship recycling by simplifying the sale of end-of-life vessels directly to shipyards. The portal offers real-time auctions for end-of-life vessels, allowing recyclers to bid from their offices or homes, thus eliminating the need for in-person negotiations. It provides a transparent and efficient process, enabling buyers to view competing offers and make informed decisions. The platform is also accessible to other shipowners and cash buyers, positioning itself as a key method for delivering vessels to recycling yards in the future.
In January 2022, Simpson Spence & Young, a UK-based shipping company, acquired Anchor Shipbroking Inc. for an undisclosed amount. This acquisition aims to bolster Simpson Spence & Young's sales and purchase capabilities, expand its forward order book, and integrate new buildings and long-term projects more effectively. The acquisition is intended to strengthen the company's market presence and service offerings in the shipping industry. Anchor Shipbroking Inc., based in Greece, specializes in new building and ship recycling services.
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. The countries covered in the shipbroking market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2024 - 2028 |
| Estimated Market Value (USD) in 2024 | $1.39 Billion |
| Forecasted Market Value (USD) by 2028 | $1.69 Billion |
| Compound Annual Growth Rate | 5.0% |
| Regions Covered | Global |
Some of the major companies profiled in this Shipbroking market report include:
- 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 LtdE.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
For more information about this report visit https://www.researchandmarkets.com/r/5zr2us
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