Global Shipbroking Market is Valued at US$ 1,237.7 Mn in 2018 and is Expected to Reach US$ 1,599.9 Mn by 2027 Growing at a CAGR of 2.9% Over the Forecast Period, Owing to Increase in World Trade, Says Absolute Market Insights

PUNE, India, Feb. 5, 2020 /PRNewswire/ -- The integration of national and global economic system has been one of the major development over the last century. Globalization has brought in remarkable growth in trade between countries like United States, United Kingdom, Germany, Japan, China, and India amongst others. Shipbroking refers to financial service which forms a part of global shipping industry, while shipbrokers are the negotiators between the ship owners and the traders who are using the ships to transport cargos. The shipbroking market is expected to grow rapidly owing to the increasing demand for shipbroking services such dry cargo and tankers amongst others. The dry cargo chartering services include shipping of bulk commodities. For instance, the imports by sea ways in United States have increased by 2.1% in 2018 compared to 2017.

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In terms of regional bifurcation, the Asia Pacific shipbroking market is expected to grow at a CAGR of 3.2% over the forecast period. This rapid growth in the region is attributed by the increase in imports and exports which is concentrated majorly in countries like India and China. For instance, India has become a major importer of coal and exporter of iron ore. On the other hand, the export of steel and its products are also rising in the country which is in turn is increasing the cargo throughput in the Indian ports. Additionally in India, coal importers like Tata Power, Torrent Power and Gujarat NRE Coke and oil refiners like Reliance Industries, Essar Oil, Mangalore Refinery and Petrochemicals, Kochi Refinery and Chennai Refinery have increased their production capacities which is further leading to rise in exports and imports across the country. Owing to this constant increase in cross border trade in the region the shipbroking market is expected to grow over the forecast period.

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The detailed research study provides qualitative and quantitative analysis of shipbroking market. The market has been analyzed from demand as well as supply side. The demand side analysis covers market revenue across regions and further across all the major countries. The supply side analysis covers the major market players and their regional and global presence and strategies. The geographical analysis done emphasizes on each of the major countries across North America, Europe, Asia Pacific, Middle East & Africa and Latin America.

Key Findings of the Report:

• In terms of revenue, global shipbroking market is expected to reach US$ 1,599.9 Mn by 2027 owing to the increasing demand for charter services due to commercial activities in the shipping industry being recognized as a separate entity
• On the basis of vertical, manufacturing segment is expected to witness highest growth rate over the forecast period (2019 – 2027) owing to the implementation of internet of things with in turn is rising the production capacity of the companies
• On the basis of region, Asia Pacific is expected to grow at a CAGR of 3.2% during the forecast period followed by Europe and North America
• Some of the major players operating in the shipbroking market are Barry Rogliano Salles International S.A., Braemar Shipping Services Plc, BRIGHT COOK and CO LIMITED, Charles R Weber Company, Inc., Clarkson Plc, and Compass Maritime Services LLC amongst others.

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Shipbroking Market:

• By Services
• Charting
• Container Vessels
• Tankers
• Dry Bulk
• Sales and Purchase
• Valuations
• Recycling
• Offshore
• New buildings
• Salvage and Towage
• By Vertical
• Oil and Gas
• Manufacturing
• Aerospace and Defense
• Government
• Others
• By Geography
• North America
• U.S
• Canada
• Mexico
• Rest of North America
• Europe
• France
• The UK
• Spain
• Germany
• Italy
• Nordic Countries
• Denmark
• Finland
• Iceland
• Sweden
• Norway
• Benelux Union
• Belgium
• The Netherlands
• Luxembourg
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• New Zealand
• Australia
• South Korea
• Southeast Asia
• Indonesia
• Thailand
• Malaysia
• Singapore
• Rest of Southeast Asia
• Rest of Asia Pacific
• Middle East and Africa
• Saudi Arabia
• UAE
• Egypt
• Kuwait
• South Africa
• Rest of Middle East & Africa
• Latin America
• Brazil
• Argentina
• Rest of Latin America

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SOURCE Absolute Markets Insights