Multipurpose index beats forecast

The Drewry multipurpose Time Charter Index has seen another uptick during the month of November, above the value Drewry forecasted previously. This is the second month in a row that the index value has exceeded the consultancy’s forecast. 

Furthermore, Drewry’s analysts say the overall expectation is for the index to remain around this level with slight changes occurring as the year comes to a close.

According to the consultancy, the index landed at $8,701 per day, just above the previous forecast of $8,669 per day. It is the third month in a row that Drewry’s index has gone up slightly. Month over month it was a 0.7 per cent increase.

However, compared to the figure of $9,950 per day reported for November 2022, the index has dropped 12.5 per cent.

Now in the final month of 2023, Drewry’s analysts expect a slight increase as charterers aim to cover the holiday period for some MPV categories. Drewry’s Multipurpose Time Charter Index is expected to increase by 0.4 per cent in December, reaching $8,734 per day. This would result in a decline of 15.7 per cent since December 2022.