European shortsea market has ended 2021 on a high with Toepfer Transport reporting the average rates more than doubling during the year. The German ship broker reported another sharp increase of its Shortsea Index for the month of December. 

In its latest report, Toepfer notes that the day rates in the European shortsea market have continued the trend of significant jumps over the past few months. In December 2021, the average rate for 3,200-3,800 dwt vessels stood at €7,033, while 4,800-5,600 dwt vessels were chartered for an average day rate of €9,213.

December rates jumped 15.73 percent for the 3,200-3,800 dwt vessels, while the rates for 4,800-5,600 dwt vessels jumped 10.52 percent, compared to the month of November 2021. Compared to December 2020, day rates for 3,200-3,800 dwt and 4,800-5,600 dwt vessels operating in the European shortsea market have increased 101.8 percent and 108.2 percent, respectively.

In its comment on the market conditions, Toepfer Transport analysts say that over the past twelve months, the income of the European shortsea fleet more than doubled and various stakeholders in this market expect that the current high levels will remain for some more weeks.

Since the start of the year 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 have jumped 108.4 percent and 107.6 percent, respectively.