The Drewry Multipurpose Time Charter Index was significantly “helped” by the issues with both the Suez Canal and the Panama Canal. The Index hit a value of $9,048 per day in April, beating Drewry’s forecast. 

Back in March, when the Index level stood below the forecast at $8,845 per day, Drewry set its April expectation at $8.850. However, the Index shot up above $9,000, signalling better-than-expected performance for larger multipurpose vessels (MPP), leading to a larger increase.

Compared to the previous month, the Index value rose 2.3 per cent in April and is expected to edge up by a further 0.1 per cent in May. Compared to April 2023 when the Index was at $9,069 per day, the current figures are level.

Looking ahead, the consultancy believes the index will remain around this new level, with even a small possibility of a decrease. The current increase is believed to be due to additional tonne miles required as a result of the issues with both major canals.