As a ship owner, operator, or dry-bulk chartering broker in the dry bulk shipping industry, there are several strategies that you can use to develop your business. Here are some ways you can implement the topics you mentioned to drive growth and success:
Understand cargo movement and trade lanes between countries: To develop your business in the dry bulk shipping industry, you need to have a deep understanding of the cargo movement and trade lanes between countries. This knowledge will help you identify potential opportunities and make informed decisions about which routes to focus on. You can gain this understanding by attending industry events, reading trade publications, and networking with industry experts.
Pick your ship size from reefer to cape size: Choosing the right ship size is critical to the success of your business. You need to consider factors such as cargo volume, port infrastructure, and customer requirements. It's important to keep a pulse on market trends and adjust your fleet accordingly to stay competitive.
Check the OECD site for trade statistics: The OECD (https://www.oecd.org/) site provides valuable data on international trade that can help you identify emerging opportunities in developing countries with good GDP growth. Using this data, you can make informed decisions about which markets to target and where to allocate your resources.
Pick a niche: If you're new to the industry, it's advisable to pick a niche where you may not face as much competition. Targeting smaller companies allows you to form partnerships and closer relations with in-house logistics teams, which can lead to more business opportunities.
Pick up the phone and start calling people: Ship agents are a wealth of knowledge and can guide you on commodities, companies, and cargo movements coming in and out of their local ports. They can also help you identify potential partners and clients.
Contact companies directly or through local ship agencies: Once you've identified potential partners and clients, it's important to reach out to them directly or through local ship agencies. This can help you establish a relationship and build trust.
Offer value-added service: To stand out from the competition, it's important to offer value-added services that can help your clients save money and improve their business operations. This can include rate checking, market information, and other logistics support.
In conclusion, developing business in the dry bulk shipping industry requires persistence, a proactive positive approach, and a value-added mindset. By putting in consistent work, setting goals and adding value, in time you will find success in this competitive industry.