Rates for European shortsea vessels improved by 30% in past six months

The charter rates for shortsea vessels in the European shortsea market have improved dramatically over the past six months, the new Shortsea Index of German shipbroker Toepfer Transport shows. The rates have increased by more than 30% since October 2020. 

The Toepfer Shortsea Index is a new index created by Toepfer Transport, which also publishes the monthly Multipurpose Shipping Index. The new tool gives an overview of the average day rates for general cargo vessels in the European shortsea market in the 3,500 – 3,700 dwt and 5,000 – 5,500 dwt range.

The first release of the index shows that the day rates in the European shortsea market have drastically improved over the past six months. In October 2020, the average rate for a 3,500 dwt vessel stood at only 2,840.27 euros, while 5,200 dwt vessels were chartered for an average day rate of 3,575 euros. Fast forward to April 2021 and the day rate for 3,500 dwt vessels has improved by 37% to 3,900 euros, while the rate for a 5,200 dwt vessel has improved by 29% to 4,612.50 euros.

“The Index values are based on the assessment of leading shortsea market stakeholders and we are still looking for further parties which are interested in joining the panel”, Toepfer’s head of research Yorck Niclas Prehm says.  Like the company’s Multipurpose Shipping INdex, the Toe[ppfer Shortsea Index will be published on a monthly basis.

Author: Tobias Pieffers

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