Following Maersk’s divestment from Höegh last week, the latest projections from Clarksons Research are that car-carrier volumes will be up 12% this year, compared with pre-pandemic (2018) levels.
CEU
It has not been unusual to see the charter of a 6,500 ceu [car equivalent unit] car-carrier fixed at rates of $110,000 a day this year, with one of a $115,000 a day agreed in October, said Clarksons.
20M shares
Maersk sold 20m shares, representing a 10.2% stake in Höegh Autoliners, on 28 November for NOK90, around $8.50 per share. The amount was just shy of the market peak of NOK93.55, which occurred a month earlier.
Automotive industry experts said China was using ‘loss-leader tactics to flood the market with cheap electric cars’, whose production lines are easier and quicker to tool at scale than those of petrol cars.
Whether or not this ‘flood’ will remain, a constrained supply of car-carriers is liable to continue until late 2024, at least. Thereafter, a massive number of PCTC newbuilds, many of them ordered by Chinese carmakers, will start to be delivered .
Speculation has since mounted over whether Maersk intends to buy and operate its own car-carriers; however, the shipping giant has thus far declined to comment.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe
Source : Loadstar
