Shipping Agency Service Market Summary
Shipping agency service refers to the services provided by a shipping agency to facilitate the smooth operation of shipping activities. Shipping agencies act as intermediaries between ship owners, charterers, and port authorities, ensuring that all necessary requirements and regulations are met for the safe and efficient movement of goods and vessels.
According to common practice in the international shipping industry, the main business scope of shipping agencies includes:
1. Vessel entry and exit procedures and related services
Such as handling customs and related port joint inspection procedures, procedures for ships entering and exiting ports, procedures for organizing pilots and tugboats, inspection and maintenance of ships, cleaning or cleaning cabins, fumigation and disinfection, handling maritime rescue, maritime processing, and handover procedures for ships in the port, Customs clearance of goods and documents, etc., to ensure the smooth entry and departure of ships from the port, thereby charging a certain agency fee.
2. Freight related business
Such as Tracking, loading and unloading of containers or other goods, carrying out tallying, transfer and handover, assisting in claims settlement, issuing bills of lading, negotiating space for cargo owners， calculating fees, and paying fees on behalf of the shipping company, and signing demurrage and despatch agreements with the port and calculating fees.
3. Marine materials and articles supply business
Such as handling fuel supply for ships, providing fresh water, materials and food required by ships and crews, as well as purchasing and sending marine spare parts and other materials for shipping companies.
4. Other service businesses
Such as handling entry and exit procedures for crew members, crew changes, repatriation, medical treatment, sightseeing tours, family visits, letter delivery, and other matters entrusted by the shipping company.
Shipping agency services are crucial for the maritime industry as they help streamline the shipping process, minimize delays, and ensure compliance with legal and regulatory requirements. They play a vital role in facilitating international trade by providing comprehensive support and expertise in managing the complexities of shipping operations.
The upstream of the ship agency industry is ship agency software, which is a software specially designed to simplify and automate ship agency operations. Ship agency software typically includes the following features:
1. Vessel Tracking: Allows agencies to track the real-time location and status of vessels for better coordination and planning.
2. Document management: Help manage and organize various documents related to ship operations, such as bills of lading, customs documents, crew documents, etc.
3. Port operation management: Facilitate the management of port operations, including berth allocation, cargo loading and unloading, ship dispatching, etc.
4. Financial Management: Assists in managing the financial aspects of the ship agency business such as invoicing, payment tracking and financial reporting.
5. Crew Management: Helps manage crew-related activities such as crew changes, visa processing, and payroll management.
6. Communication and collaboration: Provide tools for effective communication and collaboration between ship agencies, port authorities, shipping companies and other stakeholders.
Ship agency software can significantly improve the efficiency and accuracy of ship agency operations, reduce manual workload, and improve overall productivity.
According to the new market research report “Global Shipping Agency Service Market Report 2023-2029”, published by QYResearch, the global Shipping Agency Service market size is projected to reach USD 16.75 billion by 2029, at a CAGR of 4.7% during the forecast period.
Market Drivers:
D1: The increasing interconnectedness of economies and businesses across the world has created a growing demand for shipping agency services to facilitate the movement of goods between different countries.
D2: The rapid growth of e-commerce has significantly increased the volume of goods being shipped globally. Online retailers rely heavily on shipping agencies to ensure timely and efficient delivery of their products to customers.
D3: The adoption of advanced technologies such as blockchain, Internet of Things (IoT) and artificial intelligence (AI) has driven the development of the ship agency industry.
Restraint:
R1: Geopolitical tensions and conflicts can disrupt global trade and shipping routes, affecting the operations of shipping agencies.
R2: The shipping industry is under increasing pressure to reduce its environmental impact. Meeting these environmental standards can be costly for shipping agencies.
R3: There is a shortage of skilled workers in some regions, which can hinder the operations of shipping agencies and lead to increased labor costs.
Challenges:
C1: Changes in regulations or new requirements can pose challenges for shipping agencies, requiring them to invest in additional resources and expertise.
C2: Technological advancements can improve efficiency and reduce costs; they also require significant investments in technology infrastructure and training for shipping agencies.
C3: The availability and quality of port infrastructure can vary across different regions, posing challenges for shipping agency service providers.
According to QYResearch Top Players Research Center, the global key manufacturers of Shipping Agency Service include DP World, COSCO Shipping, A.P. Moller-Maersk Group, CMA CGM Group, Mediterranean Shipping Company (MSC), Hapag-Lloyd, Sinotrans, Kuehne+Nagel, Evergreen Marine Corporation, DHL Global Forwarding, etc. In 2022, the global top 10 players had a share approximately 52.0% in terms of revenue.
In terms of product type, Liner Agents is the largest segment, hold a share of 51.3%,
In terms of product application, Bulk Shipping is the largest application, hold a share of 45.5%.
About the Authors
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Wei Qin |
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Lead Author |
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Semiconductor and Electronics Email: qinwei@qyresearch.com |
About QYResearch
QYResearch founded in California, USA in 2007. It is a leading global market research and consulting company. With over 16 years’ experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting, industry chain research and customized research to help our clients in providing non-linear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let’s work closely with you and build a bold and better future.
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