Conduct research on ship broking Essay Example | Topics and Well Written Essays - 1500 words

Conduct research on ship broking - Essay Example Ship broking happens through the shipbrokers who act as the mediators or the agents of the vessel owners and the clients (Schramm 2012, p.146). A competitive ship broking is an opportunity-based business where the brokers may swift and smart moves to accomplish their deals. The brokers have diverse understanding of latest market progress within their areas of operations and because of these skills they possess, they are highly valued by charters. There are different types of groups in ship broking depending on the kind of cargo involved. The persons who negotiate and organize the charter of a vessel on behalf the charterer and ship owner are the brokers who specialize in dry cargoes brokering, wet cargoes or tanker brokering (Lange 2011, p.41). The fundamental operation of the shipbrokers is to represent the ship-owner and find the jobs for the ships according to the principals of the vessel owner. In case the shipbrokers represent a cargo interest, the brokers’ role is to find suitable ships for the cargo in accordance with the charterer principals. The broker must have a vast knowledge of vessels and cargoes, information about ports, methods of loading and release of various cargoes, weather patterns, demand, and supply of ships. With the advancement in communications technology and sophisticated computing techniques shipbrokers, networks have intensified the brokering business (Talley 2012, p. 305). With the modern digital communication evolution communication with brokers have become accessible from any part of the globe be it on land, sea, or air. The exchange of information has emerged reliable and affordable. The large amount of data traverses across the world very fast including the details of fixtures because of advanced communication technology (Carter 2014, p.188). The concluded information about profits, and the market reports, government policies, economic