US-China trade tensions remain a significant barrier
China’s seaborne vehicle exports grew by 28% year-on-year in May to reach 645,000 units, with robust growth across most regions.
Conversely, exports to Russia fell by 77% following the introduction of new “recycling fees,” effectively tariffs designed to protect Russia’s auto industry.
Year-to-date, exports have grown by nearly 20%. At the same time, China’s imports of US vehicles dropped 68% in May and are down 59% for the year. A 90-day freeze on new tariffs between China and the US began on May 14, but existing tariffs remain in place: 25% on large US vehicles and 15% on smaller models.
Major new contract for Wallenius Wilhelmsen announced
In addition, a $580 million contract signed this month by Wallenius Wilhelmsen reinforces long-term demand and highlights the growing importance of ESG-optimized vessels in future PCTC fleet planning.
The PCTC segment continues to capitalize on China’s vigorous export growth, although uncertainties related to trade policies persist.
Sources: Clarksons & Wilhelmsen.