The story continues, MPP rates still heading down
Despite the summer nearing its last days, pressure on the time charter rates in the multipurpose sector (MPP) continues. A clear reflection of the ongoing summer trend can be seen in Toepfer Transport’s Multipurpose Index (TMI) which has seen a new drop, fourth in a row.
The Hamburg-based shipbroker showed in its latest monthly review that the index dropped to $12,958 per day for the month of September 2023. Compared to the previous month, when the index was at $13,545 per day, this was a 4.3 per cent drop.
Compared to September 2022, Toepfer Transport’s TMI slid down 40 per cent. It has to be acknowledged that the charter rates at the time were starting to drop from their all-time lows.
Toepfer Transport’s research team noted in the previous report that the five-year average was at $11,921, meaning the September figures are still well clear of that mark.