The Study on the Prospects for Ship Chartering Market Virtualisation

Abstract

Chartering brokers play an important role in the functioning of the maritime industry, providing the role of intermediaries in the search for ships and cargo. However, questions arise in the context of the possibility of virtualising this component of the freight market activity. The purpose of this study is to assess the feasibility of implementing this opportunity, both in the world maritime freight market and in Ukraine. An analysis of trends in freight market virtualisation has been carried out, and the situation in the industry described based on statistical data. Within the framework of the study, the role of modern digital technologies in the freight market has been comprehensively investigated, showing that their use contributes towards the conclusion of contracts, obtaining information about the state of the market, and provides support during the implementation of the transaction, thereby allowing this market to increase its efficiency. It has also been also concluded that the prospect of its further digitalisation plays an important role at this stage of market development. The study has proposed two models: one is linked to a global platform that will include brokerage, logistics, and commercial functions to optimise the entire service lifecycle, while the other consists of many independent platforms that compete with each other, potentially connecting to e-commerce resources. However, it has been concluded that there are problems and difficulties for both models. In addition, it has been shown that modern technologies can provide a certain level of virtualisation of the freight market, but the question arises about the quality of their application. The results obtained in the framework of the study can be used to create effective approaches to virtualisation of the freight market in the future.