APAC Shipping Agency Services Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | 7.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
APAC Shipping Agency Services Market Analysis
The size of APAC Shipping Agency Services market is USD 48 billion in the current year and is anticipated to register a CAGR of over 7% during the forecast period. The major drivers for this Asia-Pacific shipping agency services market are the high growth of the marine freight transportation market and the surging demand for containerized and bulk cargo. Increasing global exports, rising customer (shipping companies) demand, and expansion of new regional trade hubs are the additional factors contributing to accelerated growth.
- Maritime shipping is the backbone of world trade; it is estimated that some 80 percent of all goods are carried by sea. With the growth of the world economy over the past decades, the volume of freight transported by ships has increased as well.
- With the growth of shipping transport gaining importance, the Asia-Pacific Shipping Agency market is also expected to be boosted in the future. The raising demand for imports and exports of manufactured goods, and the bulk transport of raw materials are fueling the demand for the shipping agency services market.
- Shipping agents can help manage the entire supply chain for their clients, from the suppliers to the customers. This may include helping source products and arranging to ship. A key driver for the growth of the shipping agency services market is customs clearance services. Customs clearance is an important step in importing or exporting products.
- According to statistics from the Ministry of Transport, container throughput at Chinese ports grew steadily from January to October 2022. According to statistics from the Ministry of Transport, container throughput at Chinese ports grew steadily from January to October 2022. According to the ministry, 240 million twenty-foot equivalent units of containers were processed at the nation's ports during this time, an increase of 4% from the previous year. The increase rate from year to year is consistent with what was seen in the first three quarters of this year. At 12.93 billion tonnes, cargo traffic at Chinese ports increased by 0.5 percent from the previous year. Compared to the first three quarters of 2022, this growth rate is greater than the 0.1 percent growth rate.
- The outbreak of a pandemic changed all economic and trade expectations for 2020. Beginning in early 2020, the COVID-19 pandemic disrupted maritime shipping and freight services, leading to canceled, port delays, and container shortages, which affected the Asia-Pacific shipping agency services market.
APAC Shipping Agency Services Market Trends
This section covers the major market trends shaping the APAC Shipping Agency Services Market according to our research experts:
China to Dominate the Asia-Pacific Shipping Agency Services Market
142.3 million TEU were transported through Chinese ports in the first half of 2022, a rise of 3% year over year. Chinese ports handled 7580 million tons of cargo during the same time frame, a small decline of 0.8% compared to the previous year. The port of Shanghai experienced the highest amount of traffic, moving 3.79 million TEU in June, even though this represents a decline of 9.5% from the previous year.
The harbor of Ningbo-Zhoushan had the second-best performance, moving 3.16 million TEU in total in June, up 17.9% year over year. As shipping demand fell on the Ningbo Zhoushan Port-West Coast of North America path, the Ningbo Container Freight Index (NCFI)'s average value fell by 5.9 percent in July compared to last month. Over the first five months of 2022, Chinese ports reported an increase in container volumes, reaching 116.5 million TEU, a 2.3 percent year-over-year increase.
Ensuring a berth for the incoming ship, drawing up the documents for the customs and harbor services, arranging for the necessary ship fresh water/provisions, arranging for necessary repairs, conveying instructions to and from the ship owner, organizing the supply, transport, and the handling of the goods, collecting freights, cargoes, contacting shippers and the receivers of the goods all these tasks are carried out by shipping agency only. Hence the demand for shipping agency services is increased.
Since China began to reform and open up its economy over the last three decades, the nation's ports have expanded substantially and served as key nodes in the global transportation network. Driven by the Belt and Road Initiative (BRI), announced in 2013, to boost China's International investment and trade cooperation, ports have become strategic hubs for the 21st Century Maritime Silk Road (or One Road). Significant funds have been invested in transport and logistics sectors, such as advancing port infrastructures, strengthening cooperation between ports, increasing shipping routes and maritime logistics, as well as providing access to intermodal water and land transport corridors. Correspondingly, China's ports and shipping industry have increased their capacity, operating performance, and competitiveness.
Therefore, owing to the above points, China is expected to dominate the Asia-Pacific shipping agency services market during the period studied.
An Increase in the APAC Container Throughput Drives the Shipping Agency Services Market
Global container throughput is projected to keep increasing during the forecast period. In 2022, some 553 million TEUs worth of containers were processed in the Asia-Pacific region, accounting for about 60 percent of global throughput.
Containerized cargo throughput is counted as the movement of containerized cargo from the vessel to an inland carrier or from an inland carrier to the vessel.
The shipping agency is often referred to as the port agency or port agent and carries out the following booking of vessels in and out of the port, and arranges the pilot and tugboat services, submitting information on the crew and any passengers to the local immigration authorities, completion of all relevant vessel clearance documentation, advising Customs of the ship's arrival and reporting the cargo on board, supervision of loading and discharging of cargo and the safe handling of containers, break-bulk and bulk liquids, handling ship services including fuel, repairs, and maintenance.
Moreover, shipping agents can help arrange for the transport of products from the supplier to the customer. Customs clearance is an important step in importing or exporting products. Shipping agents can help ensure that the products arrive without delays or complications related to customs regulations.
All these activities have been increased at the port. So these factors boost the demand for the shipping agency services market in the Asia-Pacific region.
APAC Shipping Agency Services Industry Overview
The report covers major players operating in the Asia-Pacific shipping agency services market. The market is highly fragmented in nature, with large companies claiming significant market share.
Shipping agency services are the backbone of any shipping business. They help companies handle the logistics of shipping goods, including packing and shipping, insurance, and customs clearance. The biggest shipping companies in the world are A. P. Møller - Mærsk A/S, Nippon Yusen Kabushiki Kaisha, and COSCO SHIPPING Holdings Co. Ltd. These companies handle a majority of the world's shipping needs. They have economies of scale and can provide low-cost shipping for large orders.
Several key players engage in business expansion, awards and recognition, and other strategies to improve their offerings and remain competitive in the market.
For instance, in September 2022, GAC India has been recognized as the steamer agent handling the second-highest number of dry bulk and break bulk cargo at the Port of Haldia. The award is a testimony of the company's experience and expertise in handling dry bulk cargo vessels, as well as its commitment to continue delivering professional and prompt ship agency services.
Some of the key players in the Asia-Pacific shipping agency services market are Falcon Freight, Bansar, Sinotrans, International Clearing & Shipping Agency (India) Pvt. Ltd., Legend Shipping Agency, Batam Shipping Agency, Albatross Shipping Agencies, Intermodal Shipping Inc., HS Lanka, Samudra Marine Services Pvt. Ltd., etc.,
APAC Shipping Agency Services Market Leaders
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Falcon Freight
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Bansar
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International Clearing & Shipping Agency (India) Pvt. Ltd.
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Legend Shipping Agency
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Batam Shipping Agency
*Disclaimer: Major Players sorted in no particular order
APAC Shipping Agency Services Market News
- November 2022: GAC is one of the leading providers of ship agency services worldwide. It is expanding its presence in East Asia and the Asia-Pacific region by establishing a new office in Taiwan's second-largest port, Taichung.
- June 2022: Sinotrans, one of China's largest shipping agency companies provides shipping agency services at more than seventy ports in China. Sinotrans with CM Port launched the "Xintang (Guangzhou)-Shekou (Shenzhen)" combined port which is another channel in the Guangdong-Hong Kong-Macao Bay area.
APAC Shipping Agency Services Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Market Definition
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Market Overview
4.2 Current Market Scenario
4.3 Technological Trends
4.4 Industry Value Chain Analysis
4.5 Government Regulations And Initiatives
4.6 Insights on Costing
4.7 Impact of Covid-19 on the Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.2 Market Restraints
5.3 Market Oppurtunities
5.4 Industry Attractiveness - Porter's Five Forces Analysis
5.4.1 Bargaining Power of Suppliers
5.4.2 Bargaining Power of Consumers
5.4.3 Threat of New Entrants
5.4.4 Threat of Substitutes Products and Services
5.4.5 Intensity of Competitive Rivalry
6. MARKET SEGMENTATION
6.1 By Type
6.1.1 Port Agency
6.1.2 Cargo Agency
6.1.3 Charter Agency
6.1.4 Others
6.2 By Application
6.2.1 Ship Owner
6.2.2 Lessee
6.3 By Service
6.3.1 Packaging Services
6.3.2 Shipping Services
6.3.3 Custom Clearance Services
6.3.4 Logistical Support Services
6.3.5 Other Services
6.4 By Geography
6.4.1 India
6.4.2 China
6.4.3 Japan
6.4.4 Australia
6.4.5 Rest of Asia-Pacific
7. COMPETITIVE LANDSCAPE
7.1 Market Concentration
7.2 Company profiles
7.2.1 Falcon Freight
7.2.2 Bansar
7.2.3 Sinotrans
7.2.4 International Clearing and Shipping Agency(India) Pvt. Ltd.
7.2.5 Legend Shipping Agency
7.2.6 Batam Shipping Agency
7.2.7 Albatross Shipping Agencies
7.2.8 Intermodal Shipping Inc.
7.2.9 HS Lanka
7.2.10 Samudra Marine Services Pvt. Ltd.*
- *List Not Exhaustive
8. FUTURE OF THE MARKET
9. APPENDIX
APAC Shipping Agency Services Industry Segmentation
Shipping agents provide various shipping-related services, such as packing and shipping products, tracking numbers, custom clearance, handling returns, and many more to help shippers with their logistics. Shipping agents offer a wide range of services, some common services include arranging for shipping and receiving services, picking and packing items for shipping, preparing shipping documents, tracking packages, etc.,
The report provides a comprehensive background analysis of the Canada Facade market, covering the current market trends, restraints, technological updates, and detailed information on various segments and the competitive landscape of the industry. Additionally, the COVID-19 impact has been incorporated and considered during the study. Asia-Pacific Shipping Agency Services Market is Segmented By Type (Port Agency, Cargo Agency, Charter Agency, and Others), By Application (Ship Owner, and Lessee), By Service (Packaging Services, Shipping Services, Customs Clearance Services, Logistical Support Services, and Other Services), and By Geography (India, China, Japan, Australia, and the Rest of Asia-Pacific). The report offers the market sizes and forecasts for the Asia-Pacific Shipping Agency Services Market in value (USD) for all the above segments and the impact of COVID-19 on the market.
| By Type | |
| Port Agency | |
| Cargo Agency | |
| Charter Agency | |
| Others |
| By Application | |
| Ship Owner | |
| Lessee |
| By Service | |
| Packaging Services | |
| Shipping Services | |
| Custom Clearance Services | |
| Logistical Support Services | |
| Other Services |
| By Geography | |
| India | |
| China | |
| Japan | |
| Australia | |
| Rest of Asia-Pacific |
APAC Shipping Agency Services Market Research FAQs
What is the current Asia-Pacific Shipping Agency Services Market size?
The Asia-Pacific Shipping Agency Services Market is projected to register a CAGR of 7% during the forecast period (2024-2029)
Who are the key players in Asia-Pacific Shipping Agency Services Market?
Falcon Freight, Bansar, International Clearing & Shipping Agency (India) Pvt. Ltd., Legend Shipping Agency and Batam Shipping Agency are the major companies operating in the Asia-Pacific Shipping Agency Services Market.
What years does this Asia-Pacific Shipping Agency Services Market cover?
The report covers the Asia-Pacific Shipping Agency Services Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Asia-Pacific Shipping Agency Services Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Asia-Pacific Shipping Agency Services Industry Report
Statistics for the 2024 Asia-Pacific Shipping Agency Services market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Asia-Pacific Shipping Agency Services analysis includes a market forecast outlook to (2024to2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
