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The Shipbroking Function and Market Efficiency

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  • Siri Pettersen Strandenes

Abstract

Shipping uses brokers extensively. Shipbrokers typically act as intermediaries matching sellers and buyers of vessels or transport services. This paper analyses the characteristics of shipbrokers' contribution to market efficiency. Shipbrokers mainly contribute by a) speeding up search and matching, b) obtaining favourable ask/bid prices, and c) functioning as experts in deals with asymmetric information. Findings of this paper point out that efficient search and matching are important in spot freight markets. Quality assessments are more important in secondhand and in timecharter markets. Shipowners who opt for an exclusive shipbroker, face higher switching costs. Such binding may bias the freight rate towards the charterer and the secondhand value towards the buyer.International Journal of Maritime Economics (2000) 2, 17–26; doi:10.1057/ijme.2000.1

Suggested Citation

  • Siri Pettersen Strandenes, 2000. "The Shipbroking Function and Market Efficiency," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 2(1), pages 17-26, March.
  • Handle: RePEc:pal:marecl:v:2:y:2000:i:1:p:17-26
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    Cited by:

    1. Hercules E. Haralambides, 2019. "Gigantism in container shipping, ports and global logistics: a time-lapse into the future," Maritime Economics & Logistics, Palgrave Macmillan;International Association of Maritime Economists (IAME), vol. 21(1), pages 1-60, March.
    2. Adland, Roar & Cariou, Pierre & Wolff, Francois-Charles, 2016. "The influence of charterers and owners on bulk shipping freight rates," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 86(C), pages 69-82.

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