The independent maritime research consultancy Drewry has made a change to its monthly reporting on the multipurpose sector by replacing the Multipurpose Time Charter Index with Breakbulk Sea Transport Indices for both project and general cargo vessel segments. According to the consultancy, the change was made to better reflect the nuances of the sector. 

Beyond the overall strength of the wider MPV sector, the new indices highlight the relative strength of Project Cargo, with carriers in this niche vessel segment experiencing a stronger market than General Cargo since the Covid boom, the consultancy said.

“With further increases in project cargo volumes anticipated in the second half of this decade, we expect the current divergence in market dynamics to continue,” said Ferenc Pasztor, Head of Ports and Specialised Shipping Research. “To better present the status of the discreet subcategories within the overall multipurpose shipping sector, we have introduced these new Breakbulk Sea Transport Indices.”

This long-planned update also presented the opportunity to look beyond the vessel charter market and create indicators which provide guidance for the freight market.

“While we recognise these new indices are by no means a perfect representation of the seaborne breakbulk freight market,” continued Pasztor, “the inclusion of various sectors (MPV, dry bulk, containerships, RoRo) and vessel capacity categories provide a robust market assessment in a sector where freight rates cannot be standardised in the way shipping containers facilitate standardisation.”