Rates for multipurpose vessels (MPVs) during January landed higher than expected by the shipping consultancy Drewry. Subsequently, the consultancy has also revised its expectations for the first quarter of 2022, expecting additional rise in February. 

The Drewry Multipurpose Time Charter Index increased to $10,920 per day in January, representing a rise of 2.2 percent compared to the 0.9 percent rise seen in the previous month. Daily rates were stronger than expected over January and as such Drewry’s Index is up 68 percent since January 2021. Looking ahead Drewry have revised their ideas for the first quarter of 2022 marginally upwards, expecting another 2.6 percent rise to $11,200.

January’s index was largely supported by a firm short-sea market, albeit rates here were steady rather than increasing, coupled with the continued rise in container rates and supply inefficiencies pushing charter rates for open MPV ever higher.

The onset of Chinese New Year did nothing to calm the container sector and this kept MPV charters on the rise, especially for long haul/heavylift capable vessels. Port congestion in both the US and Asia, coupled with increasing opportunities for renewables cargo, especially offshore wind, has kept the fleet busy.

Drewry’s expectation is that while there might be a slight hiatus at the start of the month, these longer-term problems are not changing anytime soon, and rates will continue to edge higher over the month.