The ship broking industry has always been reliant on building strong personal relationships that are based on expertise and trust.
As we enter a new world of technology, shipbroker jobs are being revolutionised by numerous innovations – most importantly artificial intelligence (AI).
As AI continues to evolve and enter into various sectors, its impact on ship broking is not only inevitable but will significantly innovate the sector. Here, we’ll be discussing what the future of ship broking looks like in a world dominated by AI.
The Role of AI in Ship Broking
Ship brokers will act as intermediaries between shipowners and charterers, helping them to get the best deals, understand and assess market conditions and help to facilitate market transport.
The role of a ship broker relies on their extensive knowledge of the industry and the market as a whole, as well as their robust negotiation skills and the ability to maintain strong relationships across the globe.
While AI cannot always offer a personalised approach in the same way that a human can (yet), it does offer a range of significant enhancements to a number of processes within ship broking.
These are powered by data-driven insights, automation and predictive analytics, all of which will help ship brokers to make more informed decisions at a faster rate.
For example, AI algorithms are able to analyse historical data almost instantly, while comparing it to current market trends which can provide predictive insights at the drop of a hat.
This can not only help ship brokers to better anticipate shifts in the market, but can help them to identify lucrative opportunities.
In addition, AI can provide real-time data on shipping routes and fuel consumption which can help ship brokers to negotiate better deals and better routes with the charterers.
There are many routine tasks such as admin that can also be sped up through the use of AI. Things like document management and data entry can all be automated using AI, giving ship brokers back their valuable time to handle higher-value activities.
What AI Can’t Replace
As mentioned previously, ship brokers are renowned for their relationship building skills and that’s something that AI cannot replace.
Emotional intelligence is at the heart of the human interactions required for the role, which is what builds trust and provides more personalised client interaction to improve client satisfaction and loyalty.
Challenges and Considerations
As AI becomes more integrated into ship broking, there are several challenges that should be taken into consideration.
The first is regulatory compliance, as there are many concerns about data privacy breaches.
Brokers must ensure that any AI systems and tools they use are transparent and compliant – particularly as these regulations are beginning to evolve rapidly as new technologies are introduced.
The second challenge is maintaining the human element of ship broking. There must be a balance between leveraging AI to improve the efficiency of parts of the role and having personal relationships that are entirely fundamental to the industry.
Conclusion
The future of ship broking requires a blend of AI and emotional intelligence along with human interaction. While AI will certainly boost the efficiency of the industry, the element of human nature cannot go missing as the technology continues to grow.
While the need to embrace this type of technology will be key to success in the role moving forward, the core values of strong trust, expertise, and relationship-building will remain central no matter how technology evolves.