The Drewry Multipurpose Time Charter Index for the month of August has beaten the previous forecast by the consultancy. While the decline is expected to continue, it will not be a significant drop in September. 

The Index landed at $8,583 per day in August, which was above the forecasted value of $8,521. Compared to the previous month, when Drewry’s Index was at $8.912 per day, this is a 3.7 per cent decline. Looking at the figures from August 2022, when the index was at $11,925 per day, the latest value is 28 per cent below.

Commenting on the index movement, Drewry’s analysts say, the decline is less than we expected for this month, but it is in line with the overall expected trend as this gradual rate of decline continues. “The pressure on MPVs remains from other sectors as they compete for breakbulk cargoes,” the analysts said.

“The seasonal downturn in utilisation is coming to an end and the continued support by the project market means rates are expected to have less of a decline in September,” analysts said.

Drewry expects its index to decline further 0.8 per cent in September, landing at $8,511 per day. This would result in a decline of 15. 4 per cent since September 2022.