Shipbroking/chartering questions, trying to get in the industry
Hi guys,
I've found out about this industry about a year ago and I find it fascinating, the international aspect as well as the logistics side behind the shipping and commodities market. My question would be, as I currently live in Spain and would like to work abroad on this market, which could be the best way to approach entering the market. I've had the luck to talk to various shipbrokers, and they've told me fantastic information. They suggested me to apply to every role even if it's outside the country, and to prepare a good Cover Letter. For these international applications, should I reach out too to other shipbrokers/charterers, maybe ask them for a call to better my prospects in the admission process? I'm in my last year of an economics degree, so I would like to try to get a trainee positions and/or a summer internship, as I don't have any relevant experience to the role, only some part-time role as a sales assistant of the family business, and a sales and marketing internship I'm doing rn at a big public medical company. Any help or tips would be of tremendous help, thanks!!
@DeltaDecay @SubsLifted
Also forgot to mention I've already bought the virtual shipbroker guide, the two books, so I think I've got a decent grasp of the basic concepts, aswell the shipbrokers I've talked to have given me a great deal of information as well as books to read
And I'm willing to relocate to any part of the world that a company would be willing to take me, as I've already done an exchange year in my studies and would like to live outside my country, at least for some years to come.
Breaking into the shipbroking and chartering industry can be challenging but rewarding. Based on the most helpful WSO content, here are some actionable tips to improve your chances:
Networking is Key: Reaching out to shipbrokers and charterers is an excellent idea. Building relationships with professionals in the industry can provide you with insights, mentorship, and even referrals. When reaching out, aim for informational calls or coffee chats to learn more about their experiences and advice for breaking into the field.
Apply Broadly: As suggested by the shipbrokers you've spoken to, apply to roles internationally, even if they are outside your current location. Many companies value candidates who are willing to relocate and demonstrate flexibility.
Tailor Your Cover Letter: Highlight your interest in the international and logistics aspects of the shipping and commodities market. Emphasize transferable skills from your sales and marketing internship, such as client relationship management, negotiation, and communication, which are highly relevant to shipbroking.
Leverage Your Economics Degree: Your academic background in economics is a strong foundation for understanding market dynamics, trade flows, and financial aspects of the shipping industry. Make sure to showcase this in your applications.
Seek Internships and Trainee Roles: Focus on entry-level positions like internships or trainee programs, as these are designed for candidates without direct experience. Look for opportunities at shipping companies, freight forwarders, or commodity trading firms, as these can provide valuable exposure to the industry.
Consider Related Sectors: If direct shipbroking roles are competitive, explore internships or roles in related sectors such as container shipping companies, freight forwarding, or trade finance departments at banks. These experiences can help you build relevant skills and make your CV stand out when applying for shipbroking positions.
Be Proactive: Cold-emailing or cold-calling companies can set you apart. Research firms in the industry, find the right contacts, and reach out with a concise and professional message expressing your interest and asking for advice or opportunities.
Develop Industry Knowledge: Familiarize yourself with key players, market trends, and terminology in the shipping and commodities market. This will help you stand out in interviews and networking conversations.
By combining these strategies, you can significantly improve your chances of breaking into the shipbroking and chartering industry. Good luck!
Sources: Physical Commodity Trading, 2nd Year Analyst Lost at Sea, Conversation with an Equities Sales Trader, Q&A: I'm a Dry Bulk Physical Trader, Two Internships Later: What I wish I Knew While Recruiting! (Toronto)
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Interned with a shipping company pretty recently. I think it definitely helped me get to where I am now.
What you should keep in mind is that a lot of the business is in Europe: London, Copenhagen, Oslo, Athens. The big brokers have offices everywhere, but their London and Oslo offices are typically the busiest. You can cover all fixtures for WCAf, Med, and PG from London. Same goes for the charterers. You will want to stay in your neck of the woods, most likely.
Most companies have in-house chartering, too. Some of those guys went to sea, others are just good traders (because that's what chartering is at the end of the day). When I finished my internship, I had a comprehensive list of trainee programs to look at. A lot close second half of the year around Aug-Oct, some close early in Jan-Feb– you just missed the Norden trainee applications, for example. Those programs are considered a golden ticket to the business, especially commercial and ops.
Two warnings: First, beware the nepotism in this business outside of the financing. Plenty of interns come from shipping royalty, and that goes for the brokers' kids too. You must fight very hard to land a FT role, and that is especially true with how small shipping is. Secondly, don't be afraid to pivot away from one specialty in shipping. You can do great in chartering, and decide to go into ops for example, or you can go to sea and end up CFO. I know brokers who became advisory guys, IB folks who became CFOs, and former captains who became owners themselves. You may not be able to pivot out of shipping once you're in, but you can find your niche, and it will be incredibly easy to make acquaintances and network in the aforementioned small circle of shipping people.
If you want to DM me and have more questions, feel free.
Thanks for responding and yeah I’m preparing my application to the roles that are open for applying still, I will DM you for some specific questions regarding the cover letter and the application process. The nepotism part I already kind of figured, all the shipbrokers and chartering people I’ve talked to told me that it’s veryyyyyy difficult to land something without knowing someone, so yeah. That’s why I’m talking with evryone I can cold emailing and cold calling, as well as LinkedIn, to at least get a grasp of everything, and then pray that I get through the screening. That’s why I’m preparing myself with books and materials so that if I get an interview doing it so well that at least they consider a chance on giving me an internahip
Being in Spain/the EU is already a bit of an advantage. McQuilling has an office in Madrid that they're building out as their London office shrinks. You could talk to them; they are pretty approachable even though their head office is in the NY area. Braemar also has a Madrid office, but their trainee program is in the UK. I found it very easy to network as long as you are affable and have a head on your shoulders. Be persistent and you will get there. They need lots of young blood in shipping right now.
Hey can I dm you as well? Not OP but am also in the process of getting an internship at a container shipping company(MSC, Maersk,Lapag-Lloyd).
How can a captain become owner nowadays? I was under the impression that those days are long gone due to the massive capital requirements compared to 30yrs ago.
Not even 30; try 60 or 70. The main barrier of entry to direct vessel ownership is the capex. However, a lot of US merchant mariners end up in the industry and some become corporate officers (good example is Lois Zabrocky at Seaways, iirc she was at a merchant marine academy). If you start your own firm you definitely need investors, but that’s not hard if you’ve been in the business forever. Generally I see captains take on operational and consulting roles but it is a fluid industry, and many people wear many hats.
Seems like you're networking pretty well now.
Only other piece of advice I can give is to cast a wide net. Obviously the most direct path to broking is to start out at a ship broker, but you also learn a different side of the market from working at a shipowner (mostly out chartering) or a charterer (the people who need ships to move their cargo).
It's very common to move around between broker, charterer, ship owner.
I started at an oil company focused on the oil itself (but always having to understand freight as a cost) and I was then able to use that knowledge to interview well and get a shipowner offer.
Don't be afraid to do more of a technical internship either (agent, purchasing team at shipowner) - s it shows interest and knowledge can be used in the market.
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