
The Drewry Port Equity Index (DPEI) reported a 3.9% week-on-week (WoW) increase for the week ending December 6, 2024, bouncing back robustly from earlier declines. A closer look reveals a 3.8% gain for Global Terminal Operators (GTOs), while Regional Terminal Operators (RTOs) slightly outperformed with a 4.2% rise. Year-to-date (YTD), the index surged 13.7%, bolstered by RTOs leading the charge at 15.7% growth, compared to a 12.9% rise for GTOs.
This recovery comes amid the broader context of the S&P 500’s continued but more tempered performance, gaining just 1.0% WoW. Over a longer timeframe, since its inception on January 1, 2019, the DPEI boasts an impressive 82.9% growth, a testament to the sector’s resilience despite global economic uncertainties.

Container Shipping Index: A Positive Turnaround
Container shipping saw its Drewry Container Equity Index advance by 2.9% WoW during the same period. Spot rates were a highlight, climbing by 6.1%, suggesting successful implementation of General Rate Increases (GRIs) by carriers. The index’s YTD performance stands at a robust 18.1%, vastly outpacing the S&P 500’s modest 0.5% monthly rise.
Top contributors to this growth include prominent players like AP Moller-Maersk and COSCO Shipping Holdings. The index’s cumulative rise of 216.1% since January 2019 demonstrates the sector’s strategic resilience amid evolving shipping dynamics.

Dry Bulk Sector Struggles Persist
Not all maritime segments are celebrating. The Drewry Dry Bulk Equity Index experienced a 3.0% WoW decline, dragged down by falling Capesize time charter equivalent (TCE) rates. This adds to its disappointing YTD drop of 17.9%, in stark contrast to the S&P 500’s robust 27.7% climb during the same period.
The dry bulk sector’s headwinds reflect broader economic softness, compounded by fluctuations in demand for commodities such as iron ore and coal, the mainstays of bulk carrier trades.
Crude Tanker Shipping Index: OPEC+ Actions Take a Toll
OPEC+’s extension of production curbs further squeezed the Drewry Crude Tanker Equity Index, which fell by 3.8% WoW. The downturn reflects declining VLCC (Very Large Crude Carrier) rates and weak global oil demand. YTD, the index plummeted 26.0%, significantly underperforming the Russell 2000 index, which recorded an 18.8% gain.
This underperformance underscores the challenges crude tanker operators face, navigating reduced demand and a persistently oversupplied market.
Product Tanker Index: A Continued Downward Slide
Similarly, the Drewry Product Tanker Equity Index declined 5.1% WoW, attributed to falling asset prices for medium-range (MR) tankers and sliding long-range (LR1) spot rates. The YTD decline of 24.2% is another indicator of the difficulties tankers face in adapting to lower demand and operational cost pressures.
LNG Shipping Index: A Bright Spot Amid Challenges
Notably, the Drewry LNG Shipping Equity Index rose 1.5% WoW, supported by significant stock gains for companies like Golar LNG, which benefited from securing a local partner for a floating LNG (FLNG) project in Argentina. Despite softness in LNG shipping spot rates, the index has climbed 27.7% YTD, matching the S&P 500.
Golar LNG and Nakilat were the standout performers, highlighting the strength of specialized segments within maritime equities.
LPG Shipping Index: Volatility Continues
Meanwhile, the Drewry LPG Shipping Equity Index recorded a 4.8% WoW decline, reflecting weaker time charter earnings. YTD, the index is down by a stark 25.2%, lagging behind broader market indices like the Russell 2000.
Such volatility highlights the dependence of LPG shipping on fluctuating global gas demands and market overcapacity.
Sectoral Implications for Investors
Drewry’s equity indices provide critical insights into the performance of key maritime sectors. From container shipping’s rebound to dry bulk and tanker struggles, each index reflects the unique challenges and opportunities within these industries. For stakeholders, the data underscores the importance of strategic agility and market adaptation in navigating the complex landscape of global shipping.
Source: Drewry