Over the month of August, Drewry Multipurpose Time Charter Index continued the decline over August, albeit at a faster rate than expected. The index averaged $10,650 per day over the month, a drop of 2.5 percent compared to July.
The drop is mainly attributed to a much quieter summer than expected, with shippers still adopting a wait-and-see policy – no-one wants to fix whilst the market is dropping! Couple that with political and economic uncertainties and an inflated market and a further decrease is almost inevitable into September.
Drewry’s current prediction is for its MPV Index to decline a further 1.6 percent over the coming month.
