For the week ending January 3, 2025, Drewry’s Maritime Equity Indices reflected a complex landscape across various shipping sectors. The data offers a snapshot of performance trends and the broader market dynamics shaping the industry.
The Drewry Port Equity Index (DPEI) edged up by 0.5% week-on-week (WoW). Despite this modest gain, regional terminal operators faced a 2.4% decline, contrasting with the global terminal operators’ 1.7% rise. This index, which grew 15.7% in 2024, trailed the S&P 500’s impressive 23.3% increase over the same period. A shift in composition, effective January 1, reduced the index to nine companies, four global terminal operators and five regional players, following the exclusion of Tianjin Port Development.
Container shipping, often a bellwether for global trade, saw a more robust performance. The Drewry Container Equity Index (DCEI) climbed 1.9% WoW, bolstered by a 2.7% rise in the World Container Index (WCI). This surge followed carriers’ general rate increases and a preemptive spike in U.S.-bound traffic to mitigate potential disruptions from strikes and tariffs. In 2024, the DCEI posted a remarkable 17.6% growth, driven by spot rate expansion.
Dry bulk shipping presented a mixed picture. The Drewry Dry Bulk Equity Index gained 1.8% WoW but faced challenges in the broader annual context, with a 23.5% drop in 2024. Meanwhile, the crude and product tanker segments both recorded a 1.9% WoW increase, reflecting stability in VLCC and LR2 rates. However, these sectors struggled last year, with declines of 29.3% and 23.8%, respectively, due to weak demand and asset depreciation.
One standout was the Drewry LNG Shipping Equity Index, which surged by 3.8% WoW, reflecting heightened interest in newbuilds and FLNG projects. Notably, Nakilat benefited from significant new orders from QatarEnergy, while Golar LNG rode the wave of floating LNG infrastructure interest. The index was up 27.6% for 2024, outpacing the S&P 500.
Similarly, the Drewry LPG Shipping Equity Index leapt 7.8% WoW, driven by tight vessel supply and increasing VLGC spot rates. Despite this recent boost, the index underperformed in 2024, with a 23.4% decline, starkly contrasting the Russell 2000’s 10% rise.
The data underscores the maritime sector’s varied performance, shaped by geopolitical factors, evolving market demands, and sector-specific dynamics. Investors appear to navigate this terrain cautiously, weighing opportunities against persistent headwinds.
Source: Drewry
