What are Shipbrokers?
Shipping plays a central role in facilitating trade in the global economy. Shipbrokers are an important component as part of thousands of shipping transactions that take place everyday to support the movement of goods and people in International trade. At its purest form shipbrokers work as intermediaries between cargo interests (charterers brokers) and shipowners (owners brokers) negotiating the terms and conditions of the various contracts and charters. Shipbrokers are also actively engaged as Sale & Purchase (S&P) brokers that in essence follow the trading life cycle of a vessel from Newbuilding, second hand S&P deals and eventually to demolition when the vessels are sold for scrap. Today, brokers are also involved in other highly specialised niche segments such as shipping derivatives and futures markets.
Shipbrokers tend to specialise in various segments of the shipping markets, such as dry bulk, tanker, container markets typically representing at least one side in any transaction.
A modern day shipbroker is expected to have a keen appreciation of shipping market fundamentals , economics and geo-political impacts on trade and also the various procedures that govern maritime law.
As shipping has evolved over modern times, the Institute today as a professional body now represents all aspects of the shipping industry, not only brokers but also ship agents, ship managers and the other shipping professionals.
Our Irish Membership is made up of members working in many different and varied aspects of shipbroking including: