Drewry: multipurpose index flat in December

Drewry: multipurpose index flat in December

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The Drewry Multipurpose Time Charter Index has beaten expectations and close the year 2022 slightly above forecast. In its latest report, Drewry noted that its Index remained flat, at $9,946 per day, despite the general trend of decreasing day rates in recent months. 

Drewry analysts expect the trend to continue in 2023 as weaker economic growth will affect the multipurpose sector by lifting competition with containerships and bulk carriers. In a recent market review, Drewry analysts expect the decline of day rates for the multipurpose vessels will be less pronounced than in competing sectors such as containerships and handysize dry bulk carriers.

Month on month, The Drewry Multipurpose Time Charter Index remained flat as it compares to $9,950 per day, reported for the previous month.

Drewry: multipurpose index flat in December

Going forward Drewry’s analysts believe that the decline in rates will be gradual as project cargo demand will provide support in the backdrop. Cargoes that are well suited for multipurpose vessels, such as wind turbine components, will provide employment opportunities in the sector.

Nevertheless, the multipurpose vessel charter market will be under pressure at the beginning of 2023, with Drewry’s Multipurpose Time Charter Index declining marginally by 0.5 percent in January, reaching $9,896 per day. This would represent a drop of around 10 percent since January 2022, but still remains some 52 percent above January 2021.


Author: Adnan Bajic

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