Rates for European shortsea vessels increased by 30% in past 6 months

According to the new Shortsea Index of German shipbroker Toepfer Transport the rates for shortsea vessels in the European shortsea market have increased exponentially in the past six months. According to the index the rates have increased by more than 30%.

In October 2020, the average rate for a 3,500 dwt vessel was 2,840.27 euros. The 5,200 dwt vessels were chartered for an average day rate of 3,575 euros. In April 2021 the rates had increased by 37%. For 3,500 dwt vessels the average rate is 3,900 euros, for a 5,200 dwt vessel it is 4,612.50 euros (an increase of 29%). 

The Toepfer Shortsea Index

The Toepfer Shortsea Index is an index created by Toepfer Transport. Toepfer Transport also publishes the monthly Multipurpose Shipping Index. The Toepfer Shortsea Index gives an overview of 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. Like the company’s Multipurpose Shipping Index, the Toepfer Shortsea Index will be published on a monthly basis.

“The Index values are based on the assessment of leading shortsea market stakeholders and we are still looking for further parties which are interested in joining the panel”, Toepfer’s head of research Yorck Niclas Prehm says.