The European shortsea sector welcomed 2024 with open arms as the first month of the year brought enough cargo at reasonable freight rates. 

In its monthly review of the shortsea sector, the Hamburg-based shipbroker Toepfer Transport said its Toepfer Transport Shortsea Index (TSI) continued the upward trajectory in the last month of 2023. This means that the Index rose for the fourth month in a row. The trend may continue based on the positives of the first month of 2024.

The time charter equivalents for 3,200-3,800 dwt vessels (TSI-35) stood at €4,744, while 4,800-5,600 dwt vessels (TSI-52) time charter equivalents reached a figure of €5,918, during December 2023. This was a 6.9 per cent jump from the November figures for TSI-35, and a 1.6 per cent jump for TSI-52.

“The year 2024 kicked off with favourite market conditions for ship owners and operators. The holiday break did not do much harm as there was sufficient cargo around at reasonable freight levels,” Toepfer Transport’s analysts said. “Thus, there is still all reason for owners to keep the optimistic mood they enjoyed in the last months of 2023.”