The Drewry Multipurpose Time Charter over the month of February dipped below forecasted value, as rates in the shortsea sector took a tumble. However, the consultancy believes that project cargoes suited to the multipurpose vessel market are still keeping the rates up. 

Over the month of February, the Drewry Multipurpose Time Charter Index landed at $9,430 per day. This is a 4.3 percent reduction from January, which is greater than Drewry expected. “Shortsea rates which were slowing the speed at which the index fell, have seen a lack of cargoes and their rates took a dip This resulted in a larger reduction in the index. However still not as bad as in other segments, the consultancy said in its latest report.

Commenting further on the multipurpose vessel market, Drewry’s analysts say that this is a fleet of many vessel types and sizes, meaning not all can take advantage of the project cargo market and may see a steeper decline.

“The MPV charter market will remain under pressure for the first quarter of 2023, with Drewry’s Multipurpose Time Charter Index declining by 2.7 percent in March, reaching $9,175 per day. This would represent a drop of around 17.8 percent since March 2022, but still remains 17.7 percent above March 2021,” analysts say.