European shortsea market is yet to feel the brunt of Russia’s attack on Ukraine, and the consequences were not reflected in the February income of the European Shortsea Fleet. The Hamburg-based shipbroker, Toepfer Transport, notes that positive and negative factors are affecting the market, but it is yet unknown which of these factors prevail.

In its latest report, Toepfer notes that the day rates in the European shortsea market have remained high, although the two markers Toepfer Transport tracks have gone in opposite direction. In Februrary 2022, the average rate for 3,200-3,800 dwt vessels stood at €7,110, while 4,800-5,600 dwt vessels were chartered for an average day rate of €9,077.

February 2022 rates for the 3,200-3,800 dwt vessels edged 2.45 percent up from the first month of 2022, while the rates for 4,800-5,600 dwt vessels slipped down 1.81 percent. Compared to February 2021, day rates for 3,200-3,800 dwt vessels were up 88.4 percent while day rates for 4,800-5,600 dwt vessels operating in the European shortsea market have increased 95.7 percent.

“The consequences of the unlawful and pointless Russian attack on the Ukraine was not yet reflected in the February income of the European Shortsea Fleet. While some shipments were subject to deviation or cancellation, others had to be re-booked from the internationally banned Russian tonnage to non-Russian ships. There are both positive and negative factors which could cause an impact to the market and the next weeks will show which of these factors will prevail,” Toepfer Transport’s report reads.