Commentary Breakbulk & Project Cargo
A new point of view
By Susan Oatway
Shippers who control cargo have a unique viewpoint on volumes and vessel availability.
The Journal of Commerce has launched a breakbulk and project cargo index to address opaqueness in a sector characterized by fragmented logistics, multiple cargo streams, diverse vessel types, and tramping trades.
Project cargo shippers speaking to the Journal of Commerce often spoke of an urgent need for an index that would track cargo owner activity, rather than relying on data from cargo carriers.
The Breakbulk Shipper Index tracks the direction of change for a range of indicators including volumes carried by different vessel types, lead time for chartering vessels, and load and discharge regions. The data underpinning the index, collection of which began in July 2024, comes from a range of cargo owners, including engineering, procurement and construction firms( EPCs); manufacturers of breakbulk and project cargoes; project owners; and project forwarders.
In the first quarter, capacity availability decreased across all sectors, although a slight upturn in March for the heavy-lift and roll-on / roll-off( ro / ro) sectors pushed the consolidated index reading to 123 from 122 in February.
The index covers five vessel types: general cargo ships with single-lift capacity of under 250 tons, project cargo carriers with single-lift capacity of over 250 tons, container carriers, deck cargo carriers and ro / ro vessels. An index is produced for each vessel type from two variables: number of those vessels chartered compared to the previous month and lead
Breakbulk vessel capacity inches higher in March
The Journal of Commerce Breakbulk Shipper Index, a measure of the number of vessels chartered and chartering lead times
Index( 100 = Feb. 2025)
150 125 100
50
0 L Apr Jul Oct Jan 2026 Mar, 2026A Apr
Source: Journal of Commerce Breakbulk Shipper Group
Index
© 2026 S & P Global
L time to charter those vessels compared to the previous month.
If fewer vessels are chartered than the previous month, this implies more capacity may be available. If the lead time needed to charter vessels is shorter than the previous month, this implies capacity is more quickly available. Both scenarios imply a more positive market position from the shipper’ s perspective. A rising index line indicates a more positive market position due to the availability of capacity and vice versa.
Taking 100 as the starting point for the data series in February 2025, the trend line shows month-over-month movement in capacity. The individual indices of the five major vessel types are weighted and consolidated to produce the published Breakbulk Shipper Index.
Other indices in the breakbulk space tend to be either formulated from the carriers’ viewpoint or based on rates for a specific vessel type. By contrast, the data for the Journal of Commerce index is provided by shippers who control cargo and are members of the Breakbulk Shipper Group( BSG). They have a unique viewpoint on how much volume is being moved and vessel availability.
In return for providing anonymous responses to the index survey, BSG members receive a report on the index findings, the Breakbulk Quarterly Intelligence report, access to breakbulk articles and data on JOC. com and a discount to the annual Journal of Commerce Breakbulk and Project Cargo Conference in New Orleans. Members of the BSG use the monthly index reports to benchmark themselves against the collective group.
Outside of the BSG, the index is designed to be used in contract negotiations for long term freight as a benchmark to hedge against market volatility. Shippers fixing forward freight rates will be able to add in an index-linked escalation clause.
The index is expected to become a bellwether of capacity in the MPV trades. The Journal of Commerce is actively recruiting new members to the BSG, particularly in Europe and the Middle East. Increased participation will support a truly global picture of breakbulk and project capacity. Launched in April at the Breakbulk and Project Cargo Conference, the index is available to subscribers on the Journal of Commerce’ s Gateway.
email: susan. oatway @ spglobal. com
22 Journal of Commerce | June 2026 www. joc. com