Charter rates in the multipurpose vessel sector have continued the expected sideways movement according to the latest assessment by the shipbroker Toepfer Transport. 

The Hamburg-based consultancy and shipbroker noted that the time charter rate assessment for the month of May landed at $14,360 per day, 1.61 per cent down from the previous month. Toepfer Transport expects the rates over the following six months, to tick up 0.82 per cent. For the following twelve months, the shipbroker foresees an index rise of 1.33 per cent.

Compared to May 2022, when TMI stood at $22,577/day, May 2023 figures are 36.4 per cent down.

Toepfer Transport’s analysts are predicting further sideways movement for the market. “While the general sentiment is, that the demand will move up significantly toward the end of this year, no larger movements can be expected in the short term.”

Looking at the vessel market, Toepfer Transport’s report notes there is a lack of available tonnage to buy in the secondhand market. “There are almost no ships for sale and owners are holding on to their assets,” the report reads.

However, the shipbroker expects to see some news on the newbuilding side soon. It is worth reminding that there were effectively no newbuilding orders placed in the first quarter of this year.

Read also: No effective MPP newbuild orders in Q1, Toepfer Transport says

Toepfer Transport also noted that the prices for 9,000 dwt, 12,500 dwt and 30,000 dwt newbuilds as well as the vessels in the secondhand market remained flat.

To remind, newbuilding vessel prices were $19 million, $30 million and $49 million across the board while second hand market prices stayed at $11.25 million, $16.00 million and $20.5 million, respectively.