Over the month of March 2023, Drewry Multipurpose Charter Index slipped as expected with container carriers returning as competitors for breakbulk cargoes, putting more pressure on the multipurpose vessel rates. 

The Drewry Multipurpose Time Charter Index landed at $9,175 per day in March, as it was forecast by the consultancy in March. This is a 2.7 per cent reduction from the previous month and some 17.9 per cent compared to March 2022.

Drewry noted the decline was expected and the outlook is that this gradual rate of decline is set to continue. With containers now at low levels, they have returned as competitors for breakbulk cargoes and weakening multipurpose vessel rates.

Project cargoes continue to slow the decline in rates compared to the other sectors. Moving forward, Drewry’s expectation is that the project sector will keep rates above pre-Covid levels.

In April Drewry’s Multipurpose Time Charter Index is expected to decline marginally by 1.1 per cent to reach $9,069 per day. This would represent a drop of 18.8 per cent since April 2022, but still remains 13.9 per cent above April 2021.