Charter rates in the multipurpose (MPP) sector have continued the drop with the Toepfer Transport’s Multipurpose Index heading down for the eighth month in a row. Although, the shipbroker expects this to be the bottom of the market correction. 

In its latest monthly report, Toepfer Transport noted that charter rates in the MPP sector for March 2023 to end up at $14,907 per day, which would be a 1.52 percent drop from the previous month. The shipbroker expects the rates over the following six months, to go back up 3.54 percent. For the following twelve months, the shipbroker foresees an index jump of 3.36 percent.

Compared to March 2022, when TMI stood at $22,274/day, March 2023 figures are 33.07 percent down.

Commenting on the developments, Toepfer Transport analysts say, “It seems that the market correction which took place over the past months has reached its bottom line. The good news is that even if there is still pressure from the weak minor bulk markets, the rate levels are still healthy for the shipowners and carriers.”

The shipbroker further noted that except for any unforeseen circumstance, the index will oscillate around this month’s level in the mid-term.

Toepfer Transport also noted that the prices for 9,000 dwt,12,500 dwt and 30,000 dwt newbuilds and second hand vessels remained flat. Newbuild vessel prices remained at $18.5 million, $29 million and $45 million across the board while second hand market prices stayed at $11.25 million, $16.25 million and $20.5 million, respectively.