Toepfer Transport reports that time charter rates in the multipurpose shipping sector are continuing to increase steadily, with shippers fearing a further tightening of vessel supply in the coming months.

The average daily time charter rate for a 12,500 dwt/F-type heavy lift vessel stood at USD8,984 on May 1, 2021 – an increase of more than 11 percent over April 1, 2021 levels. In the past 12 months, the daily time charter rate has increased by 39.5 percent.

The shipbroker said that there is almost no tonnage available in the open charter market presently, with most operators aiming to extend their expiring charters as early as possible. It added that it is unclear how the market will react to the shortfall of cargo related to the Mozambique LNG project and the merger of DSV Panalpina and Agility.