The seasonal dip experienced by the smaller multipurpose vessels was not enough to change the trajectory of Drewry’s Multipurpose Time Charter Index. Yet again, the Index has beaten the consultancy’s forecast and the trend is likely to continue. 

The consultancy had previously forecasted the index to land at $9,245 per day, however, the multipurpose index for August stood at $9,259 per day. It is another 0.5 per cent increase from the previous month. It is also 7.88 per cent above the August 2023 value.

“Larger MPVs continued to increase throughout the month while smaller vessels reduced slightly as the seasonal dip continued,” Drewry’s analysts said in the monthly review.

The index is projected to continue increasing. Drewry’s Multipurpose Time Charter Index is forecasted to rise by 0.4 per cent in September, reaching $9,301 per day. This would be 8.1 per cent higher than the September 2023 figure.