Stronger fundamentals support the outlook
After declining from the record highs reached in 2023 and early 2024, PCTC spot rates appear to have stabilized around the level of USD 50,000 per day. Although below peak levels, these rates remain highly profitable for owners.
The stabilization of rates, coupled with improved market dynamics, indicates growing market confidence and stronger fundamentals as mid-year approaches.
Record Chinese export volumes drive demand
On the demand side, China's maritime vehicle exports reached a new monthly record in April, increasing by over 14% compared to the previous year to approximately 566,000 units. Exports to Europe were particularly strong, rising by nearly 9%, driven by growing demand for hybrid vehicles. Most major regions showed year-on-year growth, except for Russia, where exports fell by about 36%.
The sustained strength of Asian vehicle exports—particularly to Europe and Latin America—continues to support global car carrier capacity demand, thereby bolstering the current rate environment.
Source: Clarksons