The Drewry Multipurpose Time Charter Index has continued its modest climb in the last month of 2023, although, it came short of the predicted level. The holiday period may have had a hand in little fluctuation in the index. 

The consultancy noted that its multipurpose vessel index landed at $8,731 per day, below the $8,734 forecasted last month. It is worth reminding that the index for November stood at $8,701 per day. Drewry’s index is a weighted average of day rates of three vessel sizes, 5,000-7,500 dwt, 10,000-15,000 dwt and 15,000-20,000 dwt.

With the year closing there was the usual rush to cover positions for the holiday period, resulting in little fluctuation in the index in December, and the trend is expected to continue into 2024. According to Drewry’s analysts, it is expected to remain around this level for the first month at least.

Drewry’s Multipurpose Time Charter Index is expected to increase by 0.3 per cent in January, reaching $8,753 per day. This would result in a decline of 10.3 per cent since January 2023.