Drewry: Multipurpose Time Charter Index Remained Flat in January

LONDON : The Drewry Multipurpose Time Charter Index tracks one-year period charter rates across a basket of vessel types and sizes and forecasts the market movement over the coming month. The vessel types include breakbulk and project cargo ships.

The Drewry Multipurpose Time Charter Index remained relatively flat in January, at $9,855pd. The residual effect of the decreasing day rates in both the Dry Bulk and Container sectors have already taken place and the MPV sector has settled into a much slower decreasing trend. We expect the trend to continue in 2023.

Source: Drewry Multipurpose Forecaster

Drewry’s latest assessment
We believe that various project cargoes which are suited to the MPV market will keep this decline in rates gradual moving forward. The MPV charter market will be under pressure at the beginning of 2023, with Drewry’s Multipurpose Time Charter Index declining marginally by 1.0% in February, reaching $9,795pd. This would represent a drop of around 12.5% since February 2022, but still remains 44% above February 2021.