Who is a Shipbroker?

1. The Singapore Branch of the Institute of Chartered Shipbrokersⁱ  recently conducted a conference on Shipbroking: Navigating the future – Trends, Opportunities and Risks and which was widely attended from the shipping fraternity. Firstly, Kudos to the Office bearers of the Singapore branch for conducting this conference and where participants were able to benefit out of the free and frank exchanges from the panelists. Also, thanks for the support to the Maritime and Port Authority of Singapore which continues to promote talent across Singapore by assisting in every way possible and which includes supporting the Singapore branch of the ICS.
2. The talks were focused on Shipbroking. Anyone involved in the Shipping industry would know that Shipbrokers are those intermediaries who assist in getting the deal done between the various parties, be it Owners and Charterers, Shipyards, etc. One of the panelists did mention that the skillsets required for a successful broker included knowing about the market, the characteristics of their clients, knowledge of the trade including the legal framework in which the trade is being conducted in, problem solving etc. In effect, a shipbroker needs to be a jack of all trades.
3. Some of the participants were obviously members of the Institute of Chartered Shipbrokers (“ICS”)ⁱⁱ but were not Shipbrokers per se (including the author). This is because the ICS is THE professional body for all members of the commercial shipping industry and which includes Shipbrokers, Managers, Agents and anyone connected to the business of Shipping.
4. In the olden days, a Shipbroker was required to assist their principals in everything and which included not only fixing ships but also managing them. However, as time went by, things became more specialized necessitating the divestment of these functions to others having specialized knowledge in these functions. A simple analogy would be a doctor who 100 years back would be expected to deal with childbirth, surgery and general ailments. However, if you go to a General Practitioner now, they would refer a patient to a specialist for severe ailments. The same is the case in Shipping now in which specialization rules the roost.
5. At the end of the session, Punit Oza, the present President of the ICS Worldwide did extol on the benefits of joining the ICS by completing the professional examinations. The advantage of taking the effort to complete the ICS examinations is that one would be able to update themselves with the relevant knowledge and skills required for their roles in the shipping industry and which continues to change with time. Additionally, they would have the benefit of networking with other members worldwide which in turn would bring access to job opportunities, building relationships, expanding one’s knowledge which ultimately would lead to their personal and professional growth.
6. While this article does extol on the benefits of joining the ICS, there are other professional bodies which may be better suited for an individual. For instance, if a person wants to learn more about dealing with Marine Claims, s/he could consider becoming a member of the Association of Average Adjusters UKⁱⁱⁱ Learning is a continuous process and just as we require exercise to keep our body fit, we need regular exercise to our cerebrum to ensure that we perform the best in our roles. So if one wants to be in Shipping, then the ICS would be a very good fit and for those in other industries, you may wish to check what suits you best.

^i. www.ics.org.sg
^ii. www.ics.org.uk
^iii. www.average-adjusters.com