The Global Shipbroking Market Is Witnessing Higher Demand than Usual, Owing To the Introduction of New Technologies and Increase in Urbanization
Shipbroking is an international financial service, which constitutes a major component of the worldwide shipping market. Shipbrokers are expert negotiators/mediators between ship owners/dealers who use boats to transport goods, or between buyers and vendors of boats. They negotiate and combine buying and selling transactions, and act as the go-between for parties involved in such transactions. In the case of ship purchases, they act as the agent for the buyer and act as a clearinghouse for all related transactions, from the purchase of the ship to its delivery to its payment. For ships that are sold, they are responsible for ensuring prompt payments and delivery. The fees charged by these brokers depend on the size and type of the ship, its age, and its estimated value. In recent times, there have been various technological advancements in the marine sectors, which has created significant demand in the global shipbroking market . For instance, in April 2020, ABB Ltd, formerly A...