South Korea’s Eukor is adding six methanol dual-fuel pure car/truck carrier newbuildings to its fleet.
The 9,300-ceu PCTCs are under construction at China Merchants Jinling Shipyard for delivery between 2026 and 2027.
Eukor is co-owned by Wallenius Wilhelmsen (80%) and Hyundai Motor (20%), and the six newbuildings are part of the 12 ships worth more than $1bn that Wallenius Wilhelmsen has ordered at the shipyard.
Eukor said these next-generation “Shaper Class” vessels, which are also ammonia ready, are essential to its 2040 net zero emissions goal.
The company has enjoyed the booming market in which car carrier time charter rates are tipping $115,000 per day, thanks to a combination of pent-up demand, economic stimulus measures, reopening national economies, low fleet growth and the Red Sea crisis.
Eukor senior vice president Chi Joo-Hun told TradeWinds that the super-cycle that began two-and-a-half years ago will continue at least until the end of 2024.
The shortage of car carrier tonnage is set to ease as shipyards are scheduled to deliver close to 220 newbuildings by 2028.
The PCTC orderbook is equivalent to 30% of the existing fleet, the highest figure since the global financial crisis in 2008.
Chi said the possible tariffs that might be imposed by the US and European Union on Chinese-made electric vehicles may dampen Chinese car exports, which have been increasing by around 1m units per year.
Last month, Clarksons Securities said the car carrier industry is at a critical tipping point and is nearing a big change characterised by higher levels of newbuilding deliveries.
Analyst Frode Morkedal and his team expect the sector to weaken in the coming years.
Eukor controls around 120 car carriers, of which 80 are owned. It transported nearly 2m automobiles or 3.1m ceu last year.
The company received an award from the South Korean Minister of Ocean & Fisheries this month for being the best shipping line in 2023.
It said the award highlights its role in stabilising South Korean automobile exports and driving domestic shipping growth.
