Drewry said in a new analysis that multipurpose vessel operations are also being affected by the Panama Canal's weather-driven limited capacity and the danger posed by missiles launched at merchant vessels at the Bab-el-Mandeb Strait in recent months, much like various other shipping sectors.
The independent maritime research consultancy firm said even larger vessels with heavy lift capabilities (also known as project carriers) had shown a strong drop in the number of passings in the Panama and Suez Canals, as shown in Drewry's recently published Multipurpose Shipping Forecaster report.
"When we look at what happened to multipurpose vessel operations, it is clear the sector has been no exception," it said.
Drewry noted that demand for project carriers has been strong due to the number and scale of industrial and energy projects, especially in the oil & gas and wind energy sectors.
Hence, a drop in passings and an increase in voyage length by going South around America and Africa have added to tonne mile demand.
"This additional demand and utilisation have manifested in higher time charter rates, although increases have been slight so far," Drewry said. "At the same time, stronger vessel demand starting next year is expected due to more project work, leading to a tight MPV charter market in 2026/27, especially on the project carrier front."
Drewry said a continuation of the disruption of vessel routes at Panama and the Red Sea could make the situation even more challenging for shippers.
"As the order book of newbuild vessels is still rather small with utilisation levels already high, we think analysing geographical chokepoints and geopolitical events surrounding them will be a key aspect of MPV market analysis, at least in the short- to mid-term," the maritime research consultancy firm, further said.
