Data-driven digital tools will play an increasingly important role for shipbrokers as technology advances, but personality and people skills will remain a vital component of success in business, leading figures in the sector believe.

Blending the two will be critical in ensuring clients receive the standard of service necessary to retain their loyalty as pressure mounts for efficiency savings.

Few expect dramatic disruption of the broking sector due to technology alone in the near term, according to speakers at the International Shipbroking Forum in London this week.

With relatively modest liquidity in shipping markets, limited finance and many players with a conservative approach, change will continue to be incremental.

Manu Ravano (left), CEO Ifchor and John Banaszkiewicz, founder of FIS Photo: TradeWinds

The event — jointly presented by the Baltic Exchange and TradeWinds as part of London International Shipping Week — brought together brokers, traders, principals and technologists to debate the market's evolving landscape.

Kristian Sorensen, global head of shipbroking at Fearnleys, said today's broker needed to be supported by powerful data analytics tools to provide clients with strong insight and decision-making confidence.

Viral Shah, head of freight trading at RWE Supply& Trading, said operators and charterers need the sector to move faster in making processes more efficient and transparent.

Brian Nixon, managing director Lavinia Bulk Photo: TradeWinds Events

Digitalisation was no panacea, however, warned Mark O'Neil, chief executive of Columbia Shipmanagement, which has been going through its own digital revolution.

"Your technology and processes will impress but they won’t persuade. The human element will never go away," he said.

Ami Daniel, chief executive of leading maritime analytics company Windward, urged the sector to show far greater ambition and test the scope of new technology.

"Technology can reduce your risk or help you grow," he said. "To take the next step as an industry we have to go after big problems. Otherwise the pace of the shipping industry is not going to attract young people."

Chris Reilly, managing director of BRS Futures Photo: TradeWinds Events

Baltic Exchange chief executive Mark Jackson used the event to launch a new operating cost index. Alongside the Baltic's existing freight and asset value benchmarks, it aims to give investors a range of complementary tools to assess risk.

The Baltic is also working on a project to assess its freight indices against historic physical fixture data.

The SGX-owned institution is hoping to gain European financial markets accreditation before 31 October when the UK is scheduled to leave the European Union.