The Institute of Chartered Shipbrokers, a leading professional body in the commercial shipping industry, held its Annual General Meeting in London on 25 October where it revealed yet another year of outstanding performance and financial growth.

During the AGM, President Kevin Shakesheff unveiled the Institute’s Annual Report for the fiscal year 2022/2023. The report highlights an impressive financial performance, showcasing the organisation’s continued commitment to excellence and innovation in the maritime and shipping sector.

In a significant development, the Institute reported a substantial increase in total income, of 12.5% rise from the previous year. This financial achievement reflects the Institute’s resolute focus on advancing its core educational programs, including the Institute Online Academy.

Chairman Glenn Murphy (FICS) remarked, “This financial year was remarkable, as we achieved an operating profit of £318,702, reflecting an increase of 20%, also making it the third consecutive year of generating a positive operating surplus. Our commitment to financial stability enables us to continue to reinvest in our core education and membership services, ensuring the Institute’s enduring relevance to our members, students, and maritime professionals.”

He added, “I will complete my term as Chairman with the Institute today and as I pass the baton to my successor, I am filled with a profound sense of optimism and excitement about the Institute’s future. Our financial capabilities, which have been significantly bolstered over the past few years, provide a solid foundation for the exciting journey ahead.”

The Institute of Chartered Shipbrokers plays a pivotal role in setting and assessing the syllabus for membership qualification, providing academic modules such as the Foundation and Advanced Diplomas. These qualifications form an integral part of the higher Professional Qualifying Examinations, and they are delivered through diverse modes, including online, correspondence, and classroom training, spanning the Institute’s extensive network of 27 branches and 14 International Teaching Centres. These modules cover a wide range of areas, including bulk and chartering, marine insurance, liner trades, ship finance, and port & terminal management.

Director Robert Hill (FICS) emphasised, “The Institute, with its 112-year tradition of serving the industry with distinction, is renowned as the foremost peer qualification accredited globally. We acknowledge that the industry is evolving rapidly, and we are implementing an exciting digital transformation of our services to ensure our education methods stay aligned with the times.”

The past year saw a robust commitment to education, with almost 2,000 students sitting Institute exams in 150 centres around the world.

The Institute of Chartered Shipbrokers continues to fortify its position as a beacon of excellence in the maritime industry, and the resounding financial success of this year bolsters its commitment to driving progress and innovation within the sector.