This month’s Drewry Multipurpose Time Charter Index is out bringing good news for the multipurpose and heavylift sector.
The latest Drewry report tells us that time charter rates increased to $6,800 per day in February, representing a rise of 4.2% compared to the previous month.
Over the past 12 months, Drewry’s index is up 5.6% and they expect the index to rise a further 4.4% in March to reach $7,100 per day.
According to Drewry, rates continued to strengthen in all sectors throughout the month of February. “The traditional lull due to the Chinese New Year failed to materialise, as capacity issues and port congestion continuing to plague the container carrier sector. This meant that breakbulk demand for both short-sea and project carrier tonnage was firm and the pressure moved away from the operators and onto the shippers, to ensure restocking positions were delivered.”
Again rates were stronger than had been expected and “we believe that this trend will continue over the next month. The likelihood is that the disrupters in the competing sectors will remain for the short-term at least, generating the continued favourable conditions for the multipurpose and heavylift sector.”
