Multipurpose time charter index beats forecast

The Drewry Multipurpose Time Charter Index has beaten the consultancy’s prediction from last month helped by the jump experienced by larger multipurpose vessels. 

In May, the shipping consultancy forecasted a time charter index value of $9,054 per day, however, the needle stopped at $9,094 per day. “Larger MPVs continued to increase over May while the smaller vessels remained stable but did not decrease,” according to the latest Drewry report.

Compared to the previous month, the index ticked up 0.5 per cent. However, comparing it to the figures reported in the corresponding month last year, namely $8,984 per day this is a 1.2 per cent increase.

“We expect the index to continue this rate of increase in June, with Drewry’s Multipurpose Time Charter Index rising by 0.5 per cent to reach $9,136 per day. This would be 2.5 per cent above the June 2023 figure,” the consultancy said.