Multipurpose Vessel Outlook Breakbulk & Project Cargo
‘ On edge ’
Softening MPV market signals shaky near-term expectations
By Carly Fields
MPV rates remain above 2024 levels despite February slip
Daily rate for a 12,500-dwt MPV / HL “ F-Type ” vessel on a six- to 12-month charter
USD per day
$ 15,000
$ 14,000 $ 10,000 $ 13,000
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A slight dip in multipurpose freight rates and near-term market uncertainty have unsettled the project cargo sector , stakeholders say .
Downward movement in multipurpose vessel ( MPV ) benchmark indicators , the Toepfer Multipurpose Index ( TMI ) and the One World Shipbrokers ’ Market Sentiment Index ( MSI ), reflects the challenges facing the sector from tariffs and emerging trade wars , continued Red Sea shipping disruption and uncertain geopolitics .
The 16th edition of the MSI for the MPV and breakbulk sector put overall carrier sentiment at 54.3 points , down 0.5 % from the November 2024 index and 2 % lower year over year . The TMI , meanwhile , dropped 2.5 % month over month to $ 12,913 per day for February , although that is still up 10.5 % year over year .
MPV owners and operators contributing to the MSI spoke of a spike for the project market that has not materialized , as well as shaky European economies that have had a significant effect on cargo availability and a struggling handysize market that will put further pressure on MPV freight rates .
“ Donald Trump ’ s return to the White House and the protectionist agenda he aims to implement has set not only MPV carriers but governments around the world on edge ,” Justin Archard , a sales and purchase shipbroker at
$ 12,000 $ 11,358
$ 11,000 L Jul Jan 2024
Jul Feb Jan , 2025
Rate per day
Notes : Toepfer ' s Multipurpose Index ( TMI ) is compiled from operators , owners and brokers
Source : Toepfer Transport © 2025 S & P Global
Steady MSI reflects sustained optimism in MPV / HL sector
One World Multipurpose Sentiment Index ( MSI ); an index reading of 50 is neutral , above 50 indicates optimism and below 50 indicates pessimism
Index
56
54 46
52 52
50
48 L Apr Jul Oct Jan 2024 Apr Jul Oct Jan Jan , 2025 2025
Market Sentiment Index
Notes : The MSI is based on quarterly survey responses from 15-20 multipurpose operators
Source : One World Shipbrokers © 2025 S & P Global
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MPV operators say an expected spike in project cargoes has yet to materialize . helamephotographer / Shutterstock . com www . joc . com March 2025 | Journal of Commerce 15