Start with the assignment, not a ranking
A broker who is effective for a VLCC cargo may not be the best fit for a Handysize grain programme, a period charter or a vessel sale. Define the assignment before comparing firms: sector, vessel class, route, cargo, timing, expected service and internal approval requirements.
Treat claims such as best or global as prompts for evidence. The decision should rest on relevant relationships, recent experience, controls and the ability to execute your particular workflow.
Test sector and market fit
Ask which desks actively cover the vessel class, cargo and geography. Useful evidence includes the team's current market dialogue, understanding of relevant charter-party forms, awareness of port constraints and ability to explain the drivers behind an indication.
Breadth can help multi-sector clients; specialisation can help complex trades. Neither model is universally superior. The practical question is whether the people assigned to your account can reach suitable counterparties and recognise risk early.
Examine the working process
A professional process makes authority and information status clear. Ask how the broker records offers, counters, subjects, deadlines and approvals; how the desk handles handovers; and how the final recap reaches operations and finance.
Digital systems should strengthen rather than obscure accountability. Searchable communications, permissions, version history and structured voyage records are useful when they support the people making and executing the fixture.
- Named responsibility for the assignment
- Clear representation and conflicts policy
- Structured record of offers and subjects
- Reliable out-of-hours handover
- Exportable recap and document history
Review controls and due diligence
Counterparty, sanctions, vessel and payment risks need a defined escalation path. Ask what the broker checks, which third-party sources are used, when screening is repeated and what happens when a result is uncertain.
A broker is not a substitute for legal, compliance or technical advice. The important point is whether the workflow identifies issues, preserves evidence and routes decisions to the right qualified person.
Understand pricing and incentives
Ask who pays commission, the percentage or fee, its calculation basis and whether more than one broker is involved. Confirm whether technology, market data, documentation or other services carry separate charges.
Price matters, but an apparently small saving can disappear if a poor handover, unclear subject or missing notice creates delay or dispute. Compare total service and risk, not commission alone.
Use a weighted scorecard
Score each candidate against the assignment using consistent criteria. Weight sector fit and execution quality more heavily than presentation. Request references or examples where appropriate, and run a limited first mandate if the relationship is new.
Review performance after the fixture: response time, quality of options, accuracy, negotiation support, handover, documentation and issue resolution. A selection process becomes more valuable when it produces evidence for the next appointment.
- Sector and route relevance — 25%
- Counterparty and market access — 20%
- Execution and communication — 20%
- Controls and transparency — 15%
- Technology and audit trail — 10%
- Commercial terms and client fit — 10%
Frequently asked questions
Should I use a large or specialist shipbroker?
Choose according to the assignment. Large firms may offer breadth and global coverage; specialist desks may provide concentrated expertise and relationships in a particular trade.
How many shipbrokers should I compare?
There is no universal number. Compare enough credible options to test sector fit, process and commercial terms without creating unclear authority or duplicated market approaches.
What should a broker disclose?
Representation, relevant conflicts, commission arrangements and the status of offers and subjects should be clear, subject to applicable duties and confidentiality.
Does the cheapest commission mean the best value?
Not necessarily. Consider access, execution quality, controls, handover and the potential cost of errors or delays alongside the stated fee.
Can a digital platform replace a broker?
Some workflows can be digitised, but market judgement, negotiation and relationship context remain important. Many teams combine specialist people with structured digital tools.
Primary sources
- BIMCO — Contractual standardsAccessed 3 October 2026