The History
The Institute may be steeped in history and tradition but the very existence of this web site, the fact that we tutor many of our students via e-mail and that globally ICS have members in more than 50 countries, perhaps proves that we are no strangers to the 21st Century.
The Institutes function is to set the highest standards of professional service to the shipping industry worldwide through education, example and discipline – and it has been doing that since the first decade of the last century. But the history of shipbroking and the foundations of today s Institute go back much further than that – three centuries further in fact.
Inception
In the early part of the 17th century, the City of London was already a hive of international business activity and brokers engineered many of the deals between buyers and sellers or between traders and shipowners. These brokers tended to be ÈŠjacks of all trades and masters of none and inevitably they were not always highly regarded.
It thus became the duty of the City authorities to curb the more nefarious activities being undertaken. In this endeavor they limited the number of brokers to one hundred, mainly Englishmen but also a few London-domiciled foreigners. Â Those admitted to this exclusive group.
were obliged to swear an oath before the City Council  that they would Ideal justly and fairly on
behalf of their respective principals hence the expression ÈŠSworn Broker .
As might be expected, specialisation developed and it is recorded that, in 1674, the Common Council of the City of London made a declaration that no person was permitted to make any manner of bargain or bargains, contract or contracts in or relating to the art of trade, of merchandising by exchange or the letting of ships for freight or hire, or otherwise, howsoever between any manner of persons unless he had been admitted and sworn as a Broker before the City Council.