Short Sea Market Analysis - June 2026

Considering utilisation enables us to gain insight into market conditions, indicating how much demand there is for the four categories of gearless coaster vessel we analyse – 3600, 5000, 5600 and 8500 dwt categories.

In three of the categories, we have seen a decline in utilisation recently. While there are exceptions to the trend in certain parts of our geofence (Northwest Europe & the Baltic Sea, Eastern Mediterranean & the Black Sea and Western Mediterranean), the effect is sufficient to impact the overall picture.

The exception is the 6500 dwt category, which has experienced a slight increase in utilisation. Despite this, it would appear, at first glance, that the category has experienced a sharp drop in utilisation in the Western Mediterranean. However, there are relatively few 6500 dwt category vessels active in the area, making the figures susceptible to fluctuation.

In all categories, we can see a clear preference for younger tonnage, with the older vessels bearing the brunt of the drop in utilisation. Once again, the 6500 dwt category is interesting, as here we see an increase in the utilisation of older tonnage not seen in the other categories.

This is not indicative of preference for older vessels, however. On the contrary, it’s a sign of demand for younger tonnage. What is happening here is demand for younger vessels had led to a lack of availability, stimulating increased utilisation of the older tonnage still available.

Effectively, we are seeing older vessels used as a last resort. As younger vessels become available again, we can expect to see utilisation of older tonnage start to drop once more.

The 8500 dwt category also saw decreased utilisation. This was, however, not as significant as the drop as seen around the same time last year.

What is interesting in this category is the situation surrounding utilisation by age. This is a relatively young fleet overall. However, many of the youngest vessels are in Russian hands. As such, with the war in Ukraine ongoing, these vessels are not available on the open market.

Also interesting is that the general drop in utilisation has taken place while freight rates have been – slightly – increasing. Initially, this would appear to be counterintuitive. However, the slight rise in rates is insufficient to counter the sharp increase in fuel costs.

In the 3600 and 8500 dwt categories, we also see, together with a drop in utilisation, an increase in waiting times without cargo. Though modest, this is sufficient to bring about a slight increase in waiting times overall.

In the case of the 8500 dwt category, however, we saw a similar picture earlier in the year and this soon corrected itself. As such, this is probably not indicative of a negative trend.