Time charter rates in the multipurpose shipping sector have significantly increased over the last month, according to the latest data from shipbroker Toepfer Transport.

The average daily time charter rate for a 12,500 dwt/F-type heavy lift vessel stands at USD7,520 for March 2021, according to Toepfer. This is an increase of USD374 compared to February 2021’s figure of USD7,146.

For a year-on-year comparison, rates in March 2020 stood at USD7,221.

Toepfer said that demand in the multipurpose sector is flourishing, driven by wind energy cargoes; cargo overflow from containers due to congestion and lack of capacity; the recovery of the bulk sector; optimism after the US election; and oil price development.