China’s seaborne vehicle exports rose 28% year-on-year in May to 645,000 units, with strong growth across most regions. Exports to Russia dropped 77% due to new “recycling fees” that act as tariffs, aimed at protecting Russia’s auto industry.

Year-to-date, exports are up nearly 20%. Meanwhile, Chinese imports of US vehicles fell 68% in May and are down 59% YTD. A 90-day pause in new tariffs between China and the U.S. began May 14, though existing tariffs remain – 25% on larger US cars and 15% on smaller ones.

New solid Wallenius Wilhemsen deal announced
Additionally, a $580 million Wallenius Wilhelmsen contract was announced this month, reinforcing long-term demand and highlighting the role of ESG-optimized vessels in future PCTC fleet planning.

The PCTC segment continues to benefit from China’s export strength, though trade policy risks remain.