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Drewry: Multipurpose Time Charter Index Down in May

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.

Source: Drewry Multipurpose Forecaster

The slow decline continued for the Drewry Multipurpose Time Charter Index throughout May, and it is now at $8,984 pd. This is in line with our expectations and this gradual rate of decline still expected to continue. The competition from other sectors like containers and RoRo for breakbulk cargoes keeps the pressure on for MPVs.

Drewry’s latest assessment (including June forecast)

The Project market is helping to slow the decline and thanks to the sector, we still expect rates to remain above pre-Covid levels. Drewry’s Multipurpose Time Charter Index is expected to decline further by 0.8% in June, reaching $8,912pd. This would result in a decline of 19.35% since June 2023.
Source: Drewry

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