Despite facing multiple challenges, the European shortsea sector has come out the other end of 2023 with a “satisfying after all” mark from the Hamburg-based shipbroker Toepfer Transport. 

In its monthly review of the sector, Toepfer Transport said its Toepfer Transport Shortsea Index (TSI) edged up again in November, building on the improvement shown the month prior.

The time charter equivalents for 3,200-3,800 dwt vessels (TSI-35) stood at €4,437, while 4,800-5,600 dwt vessels (TSI-52) time charter equivalents reached a figure of €5,824, during November 2023. This was a 5.8 per cent jump from the October figures for the TSI-35, and a 1.7 per cent jump for TSI-52.

“Looking back at the short sea market of 2023, we can certainly say that it was ‘satisfying’ after all. Indeed there were periods, at least some moments with a flavour of nail-biting tensions when it was not sure if the market would return to sustainable levels,” analysts at Toepfer Transport said.

“The summer dip was long and the seasonal rise in autumn kicked in very slowly and with delay. However, considering the negative picture that the European industries had painted already a year ago, as they struggled to cope with high energy prices and material costs, even reducing production output, the shortsea shipping market has navigated quite well through the last twelve months,” analysts said.