What’s it like working as a Ship Broker?

Ship broking is an exciting and potentially financially rewarding career, with options to work at ship broking companies around the world. Acting as an intermediary, a Ship Broker negotiates and attempts to seal a deal between shipowners and charterers or the buyers and sellers of ships in return for a commission payment.

The dynamic nature of the business means that Ship Brokers must be in touch with the market, so that they are well positioned to close a contract between two parties when the opportunity arises. Working hours can be demanding with Ship Brokers expected to be alert to the different trading zones of Asia, Europe and the Americas. They may also have to commit to on-call periods out of office hours to ensure the 24/7 coverage needed in this fast-moving and competitive industry.

What kind of work can I do?

Ship Brokers will be expected to provide clients with a wide range of market intelligence and advice, initiate deals with potential clients, negotiate and finalise the terms of a contract or sale, and follow the deal through to its conclusion.

They are most often found in the chartering market, where they act as a middle man between ship owners and charterers, but Ship Brokers can also be found in the sale and purchase market, negotiating between buyers and sellers of ships. Ship Brokers in the sale and purchase market see fewer deals than their chartering counterparts, but to balance that, earnings for sale and purchase ship brokers are generally higher.

Where can I work?

Ship Brokers can be employed by specialist ship broking firms, of which there are many around the world, by major shipping companies that employ in-house Ship Brokers, or by chartering companies. Within shipbroking, roles can be broken down into a number of sub-specialities, for example dry cargo chartering, tanker chartering, sale and purchase of ships, liner agency, port agency and ship management.

Many employers take on recruits that are new to shipping and to ship broking, and put emphasis on work-based training. There are also shipping-related degrees available in many international universities and colleges that will give a good grounding in shipping business, and professional qualifications available for Ship Brokers.

In terms of geographic location, Ship Brokers are not tied to just port or coastal areas. International shipping service centres, such as London, New York, Hong Kong, Shanghai and Oslo, all house ship broking companies to cater for chartering and sale and purchase brokers.

A Ship Broker, working in this highly competitive business, prides him/herself on good negotiation skills and personal drive.

Kaleena Kwan, Shipbroker

Madruga coje agua clara!

If you were stumped by that Spanish proverb, try asking Kaleena Kwan, an ex-Spanish tutor and now full-time shipbroker with Simpson, Spence and Young. The vivacious fresh graduate from Singapore Management University’s Lee Kong Chian School of Business will gladly translate the proverb for you. In English, the phrase simply means ”he who rises early gathers clear water”.

If you are the first to arrive at the scene, you will stand the best chance for success. That explains why Kaleena, fresh out of school, chose to join the maritime industry as a shipbroker. It has only been a couple of months since she settled into her work environment, but she is taking to it like a fish to water.

To think it all started when she heeded the sound advice of a friend’s father to consider the opportunities in the maritime industry. While he was not a ahipbroker, he was able to pique Kaleena’s interest and set her on a quest for more information about being a shipbroker. Admittedly, at one time, she only had a vague idea of what a shipbroker does. Today, however, she can rattle off her list of professional duties with ease.

”Shipbrokers discuss market trends and opportunities with ship owners, report on sales, value vessels, calculate freight earnings, advise on finance and try to find ships for specific employment opportunities. When a ship is sold, brokers usually negotiate on behalf of the buyer and seller on price and terms. Besides, they provide a route to resolving any disputes which might arise,” Kleena enthuses.

In other words, Kaleena has to act as a specialist intermediary between ship owners and charterers who use ships to transport cargo, or between buyers and sellers of ships. To facilitate the intermediary process, she sets aside personal time to entertain and build relationships, way beyond the normal working hours of 9 to 6. However, Kaleena is not complaining. She gladly takes these tasks in her stride and sees them as ways to spend quality time with her colleagues and clients alike.

She is also a self-professed ”daredevil who enjoys exploring new things in life”. Unmistakably, this is one spunky girl who has never imagined taking on any job that renders life colourless and mundane. Instead, what she seeks is a real purpose in life and a vibrant career that will continue to keep her challenged. Shipbroking has proven to be the answer that she has been searching for.

Even the male-dominated working environment does not faze her one bit. While she discovered her male colleagues to be louder, more open and direct, Kaleena has been able to ”fit in, just like one of the boys”.

She continues to hold her own, even if it requires her to keep asking her seniors a lot of questions. Frustrating or otherwise, she rationalises that being inquisitive is the best way to learn. ”Most things in life are not served to you on a silver platter. In order to get ahead, it is my own responsibility to find the answers to questions that puzzle me.”

Kaleena makes one last call to like-minded individuals who want a fulfilling career that offers a vibrant way of life. ”Shipbroking is a rather exclusive sector where you find dynamism, challenges and good friendships. I’m learning, earning and enjoying myself!”

Spanish Lessons for Life!
Kaleena shares the lessons she has learned on her job, in English and Spanish.

Agua que no has de beber, déjala correr.
Translation: Let waters you will not be drinking run freely.
Interpretation: If you don’t need something, leave it for others to use.
Office context: Always spare a thought for your colleagues whom you work closely with. Share information freely with one another, for the benefit of all.

Cuando el rio suena, agua lleva.
Translation: When the river makes noise, (it is because) it carries water.
Interpretation: Every rumour probably has some truth in it.
Office context: Sieve the fact from fiction. Where market rumours are concerned, you have to follow up on the ones that are most likely to be truths.

Gato escaldo del agua fría huye.
Translation: A scalded cat runs from cold water
Interpretation: People often draw overly broad lessons from their experiences.
Office context: Learn from your past experiences but do not be overly careful or too afraid to meet more challenges in future.

SOURCE: Singapore Maritime Careers

How big is this sector?

There has been a concentrated growth in ship broking over the past decade and while business will naturally wane as the economic cycle drops, long term prospects are for world trade to continue climbing. And as more ships trade, there will be increasing demand for the chartering and sales of those ships.