Thursday, November 30, 2023
HomeAnalysisMultipurpose Time Charter Index Up to $10,575/day in December

Subscribe

To our FREE newsletter
Get all the latest maritime news delivered straight to your inbox.

Multipurpose Time Charter Index Up to $10,575/day in December

The Drewry Multipurpose Time Charter Index tracks one-year period charter rates across a basket of vessel types and sizes and forecasts the market movement over the coming month. The vessel types include breakbulk and project cargo ships.

The Drewry Multipurpose Time Charter Index increased to $10,575 per day in December, representing a rise of just 0.8% compared to the 1.9% rise seen in the previous month, as the end of year holidays meant that rates, especially in the short-sea sector were subdued. Drewry’s Index is up 63% since the start of the year and 69% since December 2020. Drewry expects the index to rise a further 1.7% in January to reach $10,750 per day.

Although rates slowed further to the end of the year, we do expect momentum to pick up swiftly over January 2022. The supply constraints in the container market, due to ongoing port congestion and port closures on account of Omicron concerns, are still the biggest demand driver for this sector. Breakbulk cargoes continue to seek out available multipurpose vessels, including the widely reported bags of coffee beans being shipped to the US. MPV tonnage is expected to continue to be used to alleviate the supply shortages in the container sector well into 2022.

For the larger project carriers the pickup in offshore wind projects, a significant forecast from COP26, has meant that those owners who can build are favouring these vessel types in anticipation of a potential demand surge in 2023. All of which underpins our continued (cautious) optimism for this sector.

Source: Drewry

Related Posts

Video

Finance & Economy
Shipping News
Ports

Euronav: Dividend Distribution For Q3 2023 & Business Update

Euronav NV provides a business and dividend update following the recent board and management changes. The Supervisory board has agreed to distribute USD 0.57 per...

A new chapter for Euronav

Euronav shareholders have approved strategic changes at the company ushering in a new era.

TEN Reports Earnings Results for Q3 & 9M2023

Tsakos Energy Navigation Limited reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported...

StealthGas posts near-record quarterly profit

STEALTHGAS INC. (NASDAQ: GASS), a ship-owning company serving the liquefied petroleum gas (LPG) sector of the international shipping industry, announced today its unaudited financial...

Golar LNG Reports Third Quarter Net Income of $114 Million

Golar LNG announced its interim results for the period ended September 30, 2023. Highlights include: Golar LNG Limited (“Golar” or “the Company”) reports Q3 2023 Net...

Baltic index extends rally on higher capesize rates

The Baltic Exchange’s dry bulk sea freight index rose on Tuesday for the fourth...

CLIA presents cruise industry’s Action Plan for Greeceto the Greek Government

Representatives of Cruise Lines International Association (CLIA), members of the Government, and key stakeholders...

Baltic index scales 1 and 1/2-year peak

The Baltic Exchange’s dry bulk sea freight index rose on Monday for the third...

Greek merchant fleet up in numbers, down in volume

The Greek merchant shipping fleet rose in numbers but fell in volume in September. More...

Celestyal unveils 3 new countries and 6 new ports for 2024 & 2025

Celestyal the award-winning, number one choice for cruise travelers to the Greek islands and...

Port Houston Breaks Export Record

October was the biggest month ever for loaded exports at Port Houston, up 6% compared to last October. Port Houston’s loaded exports are up...

Port of Piraeus working on first shore power connection slots for 2024

The Piraeus Port Authority (PPA), which manages the largest and busiest port in Greece, announced the first five shore power connection slots for ferry...

Two major US cruise operators interested in buying Lavrio port

The tender for the concession of Lavrio port is set to begin in the next few weeks. Sources tell Kathimerini there are at least two...

Biden Administration Invests Over $650 mln in US Ports to Strengthen Supply Chains

The U.S. Department of Transportation’s Maritime Administration (MARAD) announced over $653 million to fund 41 port improvement projects across the nation under the Port...

APM Terminals & DP World spearhead roadmap for accelerating electrification of port operations in bid for net-zero

APM Terminals and DP World announced an initiative to accelerate decarbonisation of the world’s terminals through the widespread electrification of container handling equipment (CHE)....