According to the latest report from shipbroker Toepfer Transport, time charter rates in the multipurpose shipping sector are continuing to climb.

The average daily time charter rate for a 12,500 dwt/F-type heavy lift vessel stands at USD8,092 for April 2021, according to Toepfer. This is an increase of USD572 compared to March 2021’s figure of USD7,520.

Toepfer’s average time charter rate in April 2020 stood at USD6,863. After dropping to USD6,441 in May 2020, the daily time charter rates have been on an upward trajectory.

Toepfer commented that the demand for cargo space is booming, as are cargo enquiries for the coming months. Large operators have been trying to keep the tonnage they have, with some looking to add more capacity, causing only very few vessels to appear on the spot market.

Toepfer added that small operators that were unable to secure tonnage in weaker times have to pay high premiums to secure the ships needed to fulfil their obligations.