Car Carriers fetch highest rates
Vessels that carry autos and industrial machinery fetched their highest rates since 2008 in August, according to Clarksons Research Services.
Stretched global supply chains and a worldwide recovery in car sales during 2021 have contributed to a surge in rates, according to Torbjorn Wist, chief financial officer at Oslo-listed car carrier Wallenius Wilhelmsen ASA.
Soaring rates are raising the cost of hauling
The crunch has echoes of the container shipping market — where soaring rates are raising the cost of hauling everything from bicycles to children’s toys to coffee.
At least one car-carrying ship has been booked for three years at a cost of $30,000 a day, according to Pareto Securities AS.
That level is more than triple the five-year average rate for hiring a ship for 12 months, and could be a sign that the boom in earnings is set to continue.
“We believe the capacity strain will continue for now,” Wist said.
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Source: Bloomberg Quint