Do you need a Ship Broker? (Leveraging Market Insights and Industry Expertise)
Shipbrokers have been part of the maritime shipping industry since the beginning of time. They used to act as the middlemen, ensuring that ship owners could find cargo for their vessels and connecting merchants with ship owners. However, the role has evolved to adjust to the current needs of the shipping industry.
So if you are unsure about the role of a ship broker and how they can support you, our experts at Bay Shipping have produced this helpful guideline. Below, we explain the crucial services of a ship broker and the business benefits you can gain from leveraging their expertise and market insights in the chartering scenario.
What does a ship broker do?
A ship broker’s reality is no different from any other broker: providing advice on risk management and solutions to individual clients.
A ships agent’s mission is to assist clients who lack knowledge of maritime transportation. It’s comparable to seeking out a real estate agent when trying to buy or rent a home or a mortgage broker when you need advice on the best loan deal for your unique situation.
Looking for a shipbroker is something that occurs when someone has little expertise in the industry or no mentor who can provide the support they need. Despite the fact that the internet is currently flooded with information about the maritime industry, it is more practical to obtain it directly from experts. Professional ship brokers give their clients a greater value by enabling them to understand and navigate the marine industry efficiently.
Unbeatable chartering and port agency knowledge for shipping segments
Skilled ship brokers are in charge of setting up a number of different charters, from spot to long-term time charters, to meet the needs of clients searching for a short-sea solution or moving cargo. As such, the ship broker can ensure their clients find the most suitable options to meet their budget, time, and cargo requirements.
Therefore, if you are unsure how to safely and efficiently move your cargo by shipping, a ship broker can help find the best services for all types of shipping segments:
- Dry bulk cargo agency
- Offshore chartering (aka a floating vessel for construction, production and exploration operations offshore)
- Tanker or liquid bulk agency
- LNG/LPG chartering for specialist liquified natural gas and liquefied petroleum gas carriers
- Container ship
Additionally, a ship’s agent relies on long-established professional connections to gain full insights and awareness about the position of individual ships at any time. Therefore, when a business needs to look for the best solution for cargo shipping, working with a ship broker means you can rely on their expertise in different shipping segments to:
- Find the best conveniently positioned ships for your needs
- Avoid low-quality ships
- Budget the operation accurately based on the relevant information
Benefit from their solid network for chartering operations
The question every business asks is: How do I find the right ship? While there is no denying that digital resources can be helpful, it can be overwhelming to compare ships, reach out to different parties for a quote, and obtain the best price for your commercial purposes.
Professional ship brokers are essential in managing the different parties and helping businesses expand into new areas. A ships agent nurtures a network of connections that can not only bring the two parties together but also aids in maintaining a positive relationship between them for a successful outcome.
Indeed, a ship broker has a bast black book of reputable and trustworthy vessel owners with whom they already have an existing relationship. This will benefit businesses in many important ways:
- You can save time and cost by not needing to research and compare all your options
- You are assured of finding a reliable vessel for your operations
- You can also receive advantageous deals, as the ship broker can negotiate better prices for their clients
Ancillary husbandry services for ships in operation
The ship broker also provides additional services to vessel owners and charterers, overlooking husbandry operations to guarantee a smooth experience.
The agent’s responsibilities can include taking care of the crew’s needs and many other related tasks that the ship, its owners, and charterers, may require.
These services are designed to guarantee the best operational capabilities and crew welfare while navigating the unique restrictions and challenges of the maritime shipping sector. They can also save substantial time and hassle for their clients by managing husbandry services.
What husbandry services can you expect from a shipbroker?
A ship broker can prove helpful in arranging and managing crew transfer, which will avoid delays and confusion onboard.
You can also turn to the shipbroker to help manage safe transportation on the vessel through:
- Organising crew medicals and other medical services
- Managing cash to master between locations
- Ensuring the supply of provisions and freshwater
- Arranging ship repairs and spare parts delivery
- Managing immigration and HMRC processes
In conclusion, working with a ship broker is crucial to preventing devastating issues with a ship.
They provide professional advice on a wide range of different aspects of the shipping industry. International ship brokers and Ships Agents’ honesty and competence play a significant role in the success of global trade. Indeed, the ship broker’s responsibility is to keep the ships and goods going in all directions. The backbone of international seaborne trade is, without a doubt, an experienced ship broker.
