What is "shipbroking"

n. (context nautical English) The work of a shipbroker, negotiating between shipowners and people wanting to charter shipping.

Shipbroking is a financial service, which forms part of the global shipping industry. Shipbrokers are specialist intermediaries/negotiators (i.e. brokers) between shipowners and charterers who use ships to transport cargo, or between buyers and sellers of vessels.

Some brokerage firms have developed into large companies, incorporating departments specialising in shipping's various sectors, e.g. Dry Cargo Chartering, Tanker Chartering, Container Chartering, Sale & Purchase, Demolition, Futures and Research; other " boutique" shipbroking firms concentrate on specific sectors of the shipping market.

The principal shipping and shipbroking centres worldwide are London, New York, Singapore and Tokyo, as well as where many shipowners are based such as Oslo and Athens, especially since the Athens Olympics of 2004. Other places continue to develop in international shipping services, such as Hong Kong and Shanghai, Delhi and Mumbai, Copenhagen, Geneva, Genoa, Hamburg and Paris in Europe; and in North America, Connecticut, Houston and Montreal are important shipbroking centres.

Until the late 20th century, it was commonplace for shipbrokers to cover more than one discipline, although nowadays the vast majority of shipbrokers specialize in a specific sector. Like many financial services, historically shipbroking grew out of the City coffee houses, becoming established at the Baltic Exchange; among its most famous members being Ernest Simpson, ex-husband of The Duchess of Windsor (died 1972), and Alderman the Lord Mountevans.

The Institute of Chartered Shipbrokers sets educational standards throughout the industry worldwide, whose Fellows are accorded the privilege of using the post-nominal letters FICS.