Project market continues to prop up multipurpose charter rates, although Drewry’s Multipurpose Time Charter Index continued its slight decline in June. The consultancy said in its report that the decline was in line with its forecast.

The Drewry Multipurpose Time Charter Index landed at $8,912 per day in June. This is a 0.8 per cent reduction from the previous month and some19.4 per cent compared to June 2022.

The consultancy expects this gradual rate of decline to continue.

For multipurpose vessels, the pressure from the competing sectors of containers, RoRo and Dry Bulk for breakbulk cargoes remains.

“The rates are continue to be supported by the Project market. Drewry’s Multipurpose Time Charter Index is expected to decline further by 1.2 per cent in July, reaching $8,809 per day. This would result in a decline of 16.95 per cent since July 2022,” the consultancy said in its report.