Anyone heard of being a ship broker?

Originally Posted by Unregistered

because I want to estimate my future earnings.. Duh

u sound like u have no working experience.

Well I am working in a logistics company for 8months. Right now pursuing MICS. I just wanted to know whether I can earn well. Nothing wrong in it..

[harry]

Has anyone taken any ICS exams?

[buyselloil]

My company does trading of oils. Do drop me a PM if u have any suppliers and buyers. Thanks!

Am a ex seafarer (Master Mariner), have been offered 4.5k/mth at a dry bulk
brokering/chartering firm.a small set-up. but surely an invaluable break.
Have been working with an offshore company in the safety dept.
Would be of great assistance any experienced brokers could shed some insight on brokering as
a career.
Especially what to expect as commissions for a starter like me, as 4.5 is
lower than what I get know and am banking on the future growth.

The business is all about who you know. If you are trying to get into a posh big 5 firm I suggest you try something publicly listed. There is a lot of rubbing shoulders in this industry. You will have a very difficult time if you don't get an internship in college at a firm, if you don't know anybody. Also learn a language to put yourself ahead like Chinese, Japanese, or Norwegian.

Originally Posted by Unregistered

Am a ex seafarer (Master Mariner), have been offered 4.5k/mth at a dry bulk
brokering/chartering firm.a small set-up. but surely an invaluable break.
Have been working with an offshore company in the safety dept.
Would be of great assistance any experienced brokers could shed some insight on brokering as
a career.
Especially what to expect as commissions for a starter like me, as 4.5 is
lower than what I get know and am banking on the future growth.

Singaporean master mariners command much higher than that because there are so few of the around. at 4.5k/mth u should be an indian or indon master, but nonetheless good break for u to come onshore. don't forget your potential commissions and remember it is a sales job, much more dynamic than HSE. be prepared to wine and dine. cheers.

Originally Posted by potential shipbroker

Any one knows on the prospects of being a shipbroker?

1) Career progression
2) Salary progression
3) qualities needed to excel
4) Future of ship brokering
5) best shipbrokerage to work in
6) a comparison of charterer and shipbroker

I'm currently working as a chartering broker for tankers. Started with zero shipping background. Joined as a trainee abt 3 yrs back, and am now a shipbroker. Maybe can answer your questions below:

1) In terms of hierarchy, it is rather flat. You will start as a trainee probably doing operations first for at least a year. From there, depending how good you, you may move to do chartering. Most brokers dont really care abt titles or career progression, as end of the day its the money that counts

2) Trainees start approx $3k. From there you move to junior broker, abt 4-6k. Fully fledged shipbrokers can earn anything from 6k - 30k per mth, before bonuses. Again this depends on how much money you can bring in for the company. General rule of thumb is you need to bring in at least 3 times your salary cost.

3) Qualities needed are thick skin, cos you will likely get alot of flak from both owners and charterers. Also be able to think quick on your feet, and be able to remember off hand where your vsls and cgo are and dates, so you can quickly connect the dots. Also have good interpersonal skills to be able to deal with various types of ppl.

4) At the moment, shipbroking still here to stay I feel, because there are still alot of owners/chtrs who prefer to use a broker, for the added service the brokers provide eg operational matters, if vsl run late, broker will try find replacement vsl etc. Can help them find out whether owners are being honest with their vsl itinerary etc, all these matters which they dont have time to handle themselves.

5) Various firms around. Some are stronger in drybulk, some tankers, so chemicals etc...so hard to comment. Very mush it is up to the individual broker. If you can retain your client base who supports you, it doesnt really matter which brokerage you work in.

6) A charterer is the person who has the cargo, and is looking to charter a vsl to move his cargo. A shipbroker, or chartering broker is the person who will try and find a suitable vsl for the charterers.

Hope this helps

Just to add on this is only one type of chartering, i.e. tanker brokering. for commodities there are also container and bulk cargo chartering.

Then there are S&P, demolition, new building, T/C, B/B, etc brokers as well.

Originally Posted by Unregistered

I'm currently working as a chartering broker for tankers. Started with zero shipping background. Joined as a trainee abt 3 yrs back, and am now a shipbroker. Maybe can answer your questions below:

1) In terms of hierarchy, it is rather flat. You will start as a trainee probably doing operations first for at least a year. From there, depending how good you, you may move to do chartering. Most brokers dont really care abt titles or career progression, as end of the day its the money that counts

2) Trainees start approx $3k. From there you move to junior broker, abt 4-6k. Fully fledged shipbrokers can earn anything from 6k - 30k per mth, before bonuses. Again this depends on how much money you can bring in for the company. General rule of thumb is you need to bring in at least 3 times your salary cost.

3) Qualities needed are thick skin, cos you will likely get alot of flak from both owners and charterers. Also be able to think quick on your feet, and be able to remember off hand where your vsls and cgo are and dates, so you can quickly connect the dots. Also have good interpersonal skills to be able to deal with various types of ppl.

4) At the moment, shipbroking still here to stay I feel, because there are still alot of owners/chtrs who prefer to use a broker, for the added service the brokers provide eg operational matters, if vsl run late, broker will try find replacement vsl etc. Can help them find out whether owners are being honest with their vsl itinerary etc, all these matters which they dont have time to handle themselves.

5) Various firms around. Some are stronger in drybulk, some tankers, so chemicals etc...so hard to comment. Very mush it is up to the individual broker. If you can retain your client base who supports you, it doesnt really matter which brokerage you work in.

6) A charterer is the person who has the cargo, and is looking to charter a vsl to move his cargo. A shipbroker, or chartering broker is the person who will try and find a suitable vsl for the charterers.

Hope this helps

[be.yourownhero]

Originally Posted by Unregistered

I'm currently working as a chartering broker for tankers. Started with zero shipping background. Joined as a trainee abt 3 yrs back, and am now a shipbroker. Maybe can answer your questions below:

1) In terms of hierarchy, it is rather flat. You will start as a trainee probably doing operations first for at least a year. From there, depending how good you, you may move to do chartering. Most brokers dont really care abt titles or career progression, as end of the day its the money that counts

2) Trainees start approx $3k. From there you move to junior broker, abt 4-6k. Fully fledged shipbrokers can earn anything from 6k - 30k per mth, before bonuses. Again this depends on how much money you can bring in for the company. General rule of thumb is you need to bring in at least 3 times your salary cost.

3) Qualities needed are thick skin, cos you will likely get alot of flak from both owners and charterers. Also be able to think quick on your feet, and be able to remember off hand where your vsls and cgo are and dates, so you can quickly connect the dots. Also have good interpersonal skills to be able to deal with various types of ppl.

4) At the moment, shipbroking still here to stay I feel, because there are still alot of owners/chtrs who prefer to use a broker, for the added service the brokers provide eg operational matters, if vsl run late, broker will try find replacement vsl etc. Can help them find out whether owners are being honest with their vsl itinerary etc, all these matters which they dont have time to handle themselves.

5) Various firms around. Some are stronger in drybulk, some tankers, so chemicals etc...so hard to comment. Very mush it is up to the individual broker. If you can retain your client base who supports you, it doesnt really matter which brokerage you work in.

6) A charterer is the person who has the cargo, and is looking to charter a vsl to move his cargo. A shipbroker, or chartering broker is the person who will try and find a suitable vsl for the charterers.

Hope this helps

Wow this was really helpful, thanks! I recently graduated from NUS and I have been looking out for a trainee shipbroker position for the past 3 months but none of the firms are hiring fresh grads, most are looking for experienced professionals. May I ask how did you manage to get the trainee position? And do you happen to have any contacts that you can share? You can drop me a message! It would really mean a lot to me if you do. Thanks a lot for your help!