Drewry has published its latest Breakbulk Sea Transport Indices, which track both the project and general cargo shipping sectors.
HLPFI reported in October 2024 that Drewry introduced breakbulk sea transport indices for the two sectors, replacing its previous multipurpose vessel time charter index.
At that time, it said that beyond the overall strength of the wider multipurpose vessel sector the new indices highlight the relative strength of project cargo, with carriers in this niche vessel segment experiencing a stronger market than general cargo since the Covid-19 market boom. The base point for each index is Jan 2019 = 100.
The analysts’ December 2024 project index stood at 174. It remains in a holding pattern; in November 2023 the figure was 175, and 174 in October 2024.
It’s a similar story for the general cargo index, which stood at 142 in December 2024. It stood at 144 in November, and 143 in October.
The general cargo Index uses time charter rates of general cargo ships with capacities between 3,000-20,000 dwt, small feeder containerships, handysize dry bulk carriers, car carriers and a range of dry container freight rates. The weighting is based on estimated proportions of cargo types on general cargo ships and fleet composition by size category.
The project cargo index uses time charter rates of project cargo carriers with capacities between 10,000-25,000 dwt and all the components of the general cargo index. The weighting is based on estimated proportions of cargo types on project cargo carriers and fleet composition by size category.
Story first carried October 4, 2024
Industry analyst Drewry has introduced breakbulk sea transport indices for both the project and general cargo vessel segments, replacing its previous multipurpose vessel time charter index.
Beyond the overall strength of the wider multipurpose vessel sector, the new indices highlight the relative strength of project cargo, with carriers in this niche vessel segment experiencing a stronger market than general cargo since the Covid-19 market boom.
“With further increases in project cargo volumes anticipated in the second half of this decade, we expect the current divergence in market dynamics to continue,” said Ferenc Pasztor, head of ports and specialised shipping research. “To better present the status of the discreet sub-categories within the overall multipurpose shipping sector, we have introduced these new breakbulk sea transport indices, which will be updated and published monthly on the Drewry website.”
This long-planned update also presented the opportunity to look beyond the vessel charter market and create indicators which provide guidance for the freight market. “While we recognise these new indices are by no means a perfect representation of the seaborne breakbulk freight market,” continued Pasztor, “the inclusion of various sectors (MPV, dry bulk, containerships, ro-ro) and vessel capacity categories provide a robust market assessment in a sector where freight rates cannot be standardised in the way shipping containers facilitate standardisation.”
