Global Shipbroking Market Boosted by Implementation of Advanced Technologies | Technavio

Technavio has published a new market research report on the global shipbroking market from 2018-2022. (Graphic: Business Wire)

LONDON--()--Technavio market research analysts forecast the global shipbroking market to post a CAGR of almost 3% during the period 2018-2022, according to their latest report. However, the growth momentum of the market is expected to decelerate due to a decrease in the year-over-year growth.

The implementation of advanced technologies is one of the major trends being witnessed in the market. The increase in innovations and technological advances such as artificial intelligence (AI), machine learning (ML), blockchain, advanced analytics, Big Data, Internet of Things (IoT), virtual assistants, automated vehicles, and augmented reality (AR) and virtual reality (VR) are expected to pave the way for the adoption of progressive business solutions around the world. With the increasing investments in R&D, technological advances are proliferating faster than ever across the maritime sector. Modern ships are becoming smarter as they are being connected to smart systems such as advanced sensor systems, drones, satellites, and other robotic devices. Ships are incorporating analytics solutions, which allow them to derive useful insights and allow smart decision-making.

This report is available at a USD 1,000 discount for a limited time only: View market snapshot before purchasing

Save more with Technavio. Buy 2 reports and get the third for FREE: View all Technavio’s current offers

In this report, Technavio analysts highlight the demand for key value addition in the shipping process as a key factor contributing to the growth of the global shipbroking market:

Demand for key value addition in the shipping process

Shipbrokers have three key and immutable functions. These functions include expertise on the current demand and supply, knowledge of the freight market, and resolving professional disputes between the shipowner and charterer. One of the key drivers of the global shipbroking market is the rising awareness and realization of the extent of value addition that shipbrokers provide to the entire maritime sector. With their specialized market experience and extensive base of contacts, these brokers are an asset for the shipowner as well as the charterer.

A shipbroker acts as an intermediary between a shipowner and a charterer. A broker essentially deals with all the intricate details of the entire transaction between both the parties. The shipbroker draws up the contractual agreement for the use of a ship by the charterer and highlights the terms and prices that are agreed upon by the parties involved. The maritime sector is regulation-intensive, and shipbrokers are required to handle the legal aspect of the transaction.

According to a senior research analyst at Technavio, “One of the key functions of shipbrokers in the maritime sector is to act as an advisor on risk management to the charterer. The shipping business is ridden with a lot of risks such as hull risk, fire risks, liability risks, as well as other third-party risks. A storm at sea or the presence of pirates in the open ocean can be harmful to the cargo. Cargo can get damaged or lost. Thus, the broker is entrusted with the role of identifying the risks and making recommendations to eliminate or mitigate these risks.”

Looking for more information on this market? Request a free sample report

Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.

Global shipbroking market segmentation

This market research report segments the global shipbroking market into the following applications (bulker and tanker) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.

Of the two major applications, the bulker segment held the largest market share in 2017, accounting for nearly 35% of the market. This segment is expected to grow steadily and dominate the global market throughout the forecast period.

EMEA was the leading region for the global shipbroking market in 2017, accounting for a market share of more than 68%. It was followed by APAC and the Americas respectively. EMEA is anticipated to dominate the market throughout the forecast period.


Save big with Technavio this May!

Find out what companies are venturing in to beat the heat this summer! Technavio indulges you with a massive 20% OFF on all

non-alcoholic beverages reports for the entire month.


Technavio honors the achievements and efforts of Motherhood this Mother's Day by offering a whopping 30% OFF on all cosmetics and toiletry reports. Offer valid from 7th May for a limited period.

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

If you are interested in more information, please contact our media team at


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200

Release Summary

Technavio market research analysts forecast the global shipbroking market to post a CAGR of almost 3% during the period 2018-2022.


Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200