The Drewry Multipurpose Time Charter Index has continued its gradual climb during the early period of 2024. The consultancy stressed that the ongoing Red Sea situation is giving the fleet a significant utilisation boost. 

During February, the consultancy said that the multipurpose vessel index stood at $8,834 per day, beating the forecasted value of $8,821 per day. It also grew 1.1 per cent from January 2024 value of $8,731 per day. It is worth reminding that Drewry’s index is a weighted average of day rates of three vessel sizes, 5,000-7,500 dwt, 10,000-15,000 dwt and 15,000-20,000 dwt.

The index has been helped by the unfortunate situation in the Red Sea, which keeps pushing the utilisation figures. Drewry added that smaller vessels are also seeing a seasonal boost.

Read also: MPP index repeats January jump

Looking forward to March, Drewry expects the index to show another uptick, however, not at the same level as previous months.

Drewry’s Multipurpose Time Charter Index is expected to increase by 0.2 per cent in March, reaching $8,853 per day. This would result in a decline of 3.5 per cent since March 2023.

Read also: MPP Index breaks the fall first time since June 2023