Pressure on the multipurpose vessel charter rates from other sectors like containers, RoRo and drybulk continues, as reflected in the new charter rates assessment by Drewry. The consultancy noted its Multipurpose Time Charter Index has slipped again in April, although the rate of the drop is a slower one. 

The Drewry Multipurpose Time Charter Index landed at $9,069 per day in April, in line with Drewry’s expectations. This is a 1.1 per cent reduction from the previous month and some 18.8 per cent compared to April 2022.

The consultancy repeated its sentiment from the previous month that this gradual rate of decline is set to continue.

“Project cargoes are still seen as the underlying support for the rates, and are helping to slow the decline. It remains our expectation that rates will be kept above pre-Covid levels by the project sector,” Drewry’s analysts say.

Drewry’s Multipurpose Time Charter Index is expected to decline marginally by 0.9 per cent in May, reaching $8,989 per day. This would result in a 19.16 per cent since May 2022, but would still remain 7.8 per cent above May 2021.