The Drewry Multipurpose Time Charter Index tracks one-year period charter rates across a basket of vessel types and sizes and forecasts the market movement over the coming month. The vessel types include breakbulk and project cargo ships.

The Drewry Multipurpose Time Charter Index is above our forecast value for January of $8,753 pd, and it is now at $8,783 pd. The situations in both the Red sea and the Panama Canal are leading to increased utilisation.

Drewry’s latest assessment (including February forecast)
Due to the continued situation in both the Red sea and the Panama Canel, our overall expectation is for the index to have an additional uptick during February. Drewry’s Multipurpose Time Charter Index is expected to increase by 0.4% in February, reaching $8,821pd. This would result in a decline of 6.5% since February 2023.

Drewry’s Multipurpose Time Charter Index is a (fleet) weighted average of the dayrates of three vessel size bands: 5-7.5 k dwt, 10-15 k dwt and 15-20 k dwt

Source: Drewry