Income of the European short sea fleet has dipped again April as the war in Ukraine continues raging. The spike in oil and bunker prices as result of the Ukraine war was reflected in March but also continued to affect the fleet in April. 

In its latest monthly report, the Hamburg-based broker Toepfer Transport noted that the short sea freight rates has slipped further six percent from March to April.

In April 2022, the average rate for 3,200-3,800 dwt vessels stood at €6115, while 4,800-5,600 dwt vessels were chartered for an average day rate of €7620.

April 2022 rates for the 3,200-3,800 dwt vessels slipped 6.07 percent from the previous month’s levels. TCE equivalent for 4,800-5,600 dwt vessels slipped down 5.45 percent from the previous month. Compared to April 2021, day rates for 3,200-3,800 dwt vessels were up 56.79 percent while day rates for 4,800-5,600 dwt vessels operating in the European short sea market have increased 65.19 percent.

“The time charter equivalents achieved in April take a hit of around 6 percent due to ongoing geopolitical uncertainty and constantly high fuel prices. Operators report that Cargo availability in the Baltic has been reduced unless one is willing to carry Russian cargo which seems to stock pile in ports,” Toepfer Transport’s report reads.