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 8 Tips to Help You Become a Successful Marine Broker :

    

Anyone who has ever been involved in the shipping industry knows that it’s not always as easy as it looks on TV or in the Movies.

 If you’re looking to break into the Shipping Broker Industry but aren’t sure where to start, these eight tips  (+ two bonus ones) will help you become a successful marine broker or at least help you think like one.

1) Know Thy Trade :

Before you can grow your business, it’s important to get familiar with the field in which you’re working. A successful Marine Broker needs to know their trade inside and out. 

He must have the basic knowledge of the types of vessels that exist generally that are used for marine trade, be it to transport goods (General Cargo vessels) or fuels/oils/chemicals (Chemical tankers),Liquified petroleum Products (LPGs) or Very Large Crude Oil Carriers (VLCCs) and others, including having the knowledge of basic trade agreements like NCNDA, Letter Of Intent (LOI), Sole /Exclusive Agency Agreement & Commission Agreements.

This also could mean attending Maritime Trade Conferences, reading up on the Industry  News, Political state of affairs, Embargo Sanctions on Countries such as Iran & Venezuela and getting up-to-date on trending topics in both your local ports and globally. 

By doing so, you will gain insights and in a short span, you will be at the top of your game.

2) Know Thy Customers Wants / Needs / Requirements :

That’s where knowing your customers comes in—before they ever walk through the

 virtual digital door, via WhatsApp, Emails, FB Groups, other. 

The better you know what they want or need, and are willing to pay for, and/or if you can solve their problems at their prices / requirements, the more successful you’ll be. 

Never Sell, Always Solve.

3) Know Thy Mandates / Associates (Buyers or Sellers Side) :

Being a Marine Broker isn't a one man show, however successful you may be.  

You will either have teams working for you or you will be banking on global associates, like myself, to get the latest info pertaining to a vessel / asset that the client requires.

 Also due to the different time zones, it makes more sense to work with like minded associates globally so that the trade never stops and when you wake up, you will be up-to-date with the knowledge that you so seek to give to your clients, as soon as you switch on your mobile phones/laptop/desktop/other.

4) Start Small :

There are many ways you can get started as a marine broker. 

Talk to other brokers, ask for advice and consider working for another broker as an apprentice. Nobody is going to give you their trade secrets (unless it is somebody like my associates and me) but they definitely will offer you some kind of advice if you build a good relationship and be genuine about you wanting to learn. There aren't many platforms telling you how to be a Marine broker, so devise your own methodology and run at your own pace, absorbing everything. 

Whatever your plan is, remember that it’s OK to start small – in fact, it’s often better than taking on too much too soon, and feeling overwhelmed at it all.

Begin with small steps and before you know it, you’ll be up and running.

Reach out and touch faith. And with a little Faith, Belief in yourself and lastly Luck, you’ll soon be successful!

5) Build Credibility in Your Market : 

People will only do business with you if they like you, trust you and check on your credibility.

When you’re just starting out, it’s important to build credibility . Be the go-to expert for your industry and learn the challenges faced by potential clients and fellow brokers. 

Let them know that you have the knowledge and experience needed to meet their needs (and exceed their expectations).

Give out insane service beyond belief. Take something and make it even better.

Also one way of destroying your credibility is to bypass the supply chain nd go directly to the other side. Human nature at its usual worst. Never ever by-pass your brokers, or that reference that gave you the lead. Never leave anybody behind. Pay them whatever you have in mind, once the deal is closed and the job done. Karma has a way of catching up on you when you least expect it.

These days scammers and spammers names are being called out on FB groups,emails and then they are blacklisted by the community they work in and in this case it is the Maritime Industry.

 

6) Work Smart,Ethical, & Keep It Level :

Working smart and ethically are two key aspects of success for any professional. 

The marine industry is no different; in fact, there’s an added sense of responsibility and accountability when it comes to maritime business dealings. 

To be successful as a marine broker, work smart and use ethical strategies and practices.

The people will see you as a person to be trusted with. Doors will open up, more leads will begin to pour in and the laws of serendipity will take place in its own course of time.

Network smartly. Know the real ones from the fakes/scammers. Know your inner circle and keep them close like a band of brothers and always keep it level. Use Social media apps and tools (most of them are free) to get noticed. Blog if you must on things that you know about or you want to share, including your struggles, trials and tribulations. Nobody wants to always read a rosy story or happy endings. Some may get inspired by your journey and you just may provide them the insights or answers that they seek but could not find.

Facebook groups, WhatsApp, Twitter, Snapchat, YouTube, Linked in & Instagram are trending these days and you should check them out, one by one. Get used to their interfaces, take time to understand how they work and what tools are built in for you to get going and noticed.

Ans one important point to mention. Balance your work time with family, friends, travel, etc. Do not make work your only priority. Else by the time you achieve all your goals, you will see that a lot more has been sacrificed for the sake of materialistic gains. Keep work and family levelled at all times. Work it out by keeping things Level always.

7) Draft Agreements & Get Them Signed,Stamped & Sealed from your party :

Agreements are important. They protect you, your company and your clients from unforeseen circumstances. Always have agreements drafted and signed before making or receiving any payments or starting any work, because then everyone is aware of what they’re getting into and what their rights are in the situation.

In fact, professional marine brokers in Singapore generally insist on having a written agreement drawn up before they will even begin negotiations with an owner of one or more vessels.

We at Seaswift Subsea Engg Services Company (hereinafter to be referred to as Seaswift Maritime & Associates) always send out NCNDAs & Commission Agreements on getting the LOI so that we all know what we are getting into.

These are big ticket sales and hence a lot of thought and consideration must go into drafting proper agreements as the case may be for every new project.

I personally know of successful brokers being scammed or by passed cuz they had nothing in writing and worked on "good faith" and "trust".

8) Do Not Have Long Supply Chain Of Brokers : 

Trading vessels or chartering them out is not as complicated as it might seem, but there are still many things you need to learn before doing so. 

If you don’t know the owner or the buyer or the licensed mandate / broker direct to either the owner of the vessel or the buyer, chances are that the deal will never happen or will have its pitfalls as it comes to its rightful closure. 

Too many cooks will definitely spoil the broth as the saying goes. More the heads, more the headaches as each broker may be of a different nationality and their ways of communicating or understanding may differ from yours. Sometimes people do not follow the English language very well (written or spoken) or your voice notes in your accent. 

More the heads, more the headaches and narcisstic ego, which can be totally avoidable. Max brokers 3-4 on either side. Maybe initially as you are starting out, it could be OK as you are learning the ropes but always keep the supply chain short.

9) Bonus Tip : Get Mentally Tough : 

Once you’ve established your network and honed your skills, keep pushing yourself. 

Staying mentally tough is important in any field, but it’s particularly crucial in Marine sales & charters. 

Don’t let rejections stop you from persevering; instead, look at them as opportunities for improvement. The more experience you get, the easier it will be to handle these situations and avoid getting down on yourself when things don’t go your way.

This trade is definitely not for the ones who want overnight success or looking for "get rich quick" schemes. Nor is it for the hyper ones with no patience or those who want things to go their way.  

Even after getting your LOI and all agreements signed an in place, a lot of things can go wrong during the vessel visit, specially if you are not physically present at the vessels location, maybe due to Covid travel restrictions or cuz of the cost attached to such visits.

Air tickets, Visa, Hotel, food, travel etc are not exactly cheap at times like these and there is no guarantee that the vessel deal will go through. 

So assume the worst internally but, externally, keep smiling. Be Capt. Cool !

10) Validate EVERYTHING,(even if it is from your own brother) :

If your aim is to become a successful marine broker, you need cients. 

To land new business, you’ll have to sell your services and expertise—and for that, it’s important that you prove how experienced and knowledgeable you are. 

So take everything with a grain of salt (including advice from me), but don’t dismiss valuable information outright.

To be successful in any field, be it student or a professional or a top CEO, VALIDATE EVERYTHING.

If you get the vessels information on WhatsApp, ask them to send an email with complete vessel techs, the current location of the vessel, last dry dock, next special survey due, insurance papers validity, trim stability booklet,Q88(in the case of tankers) everything.

You are representing your client and in a broader sense, you are an ambassador to your country and hence it is the reputation of your country at stake if you fail or did not care to check the facts for yourself. Never trust the spoken word. Validate everything. Use the T3 rule always for everything hereon. Try,Test & then only Trust. 

This is the way I see myself and others and a sense of pride and confidence descends upon me whenever I picture myself in this role ,as my country's unofficial and unknown ambassador. It makes me do the right thing, every time.

So wrapping up, these are the 10 steps that will get you closer to being the marine broker, you have always aspired to be.

Kindly leave your comments / feedback here so that I will know if this article was helpful / insightful to you or otherwise.

See you soon in the digital space. You will always see a post from Seaswift presenting a load of opportunities almost on a daily basis on many FB groups including my own Seaswift Maritime Showcase page

. Do say  a Hi and one day we definitely will collaborate and close a deal, regardless of the value soon. 

Stay Safe and Be On Top Of Your Game like a Pro.

Thank you for reading the article.

Raajesh Kapoor (Billy)

Founder of Seaswift Subsea Engg Services Company.

Never Selling, Always Solving !