“We are excited to launch our first PCTC project in partnership with Atlas Maritime, dedicated to vehicle transportation. We see continued growth and are proud to be part of this new venture,” Martin Haugaard, CEO of European Maritime Finance.

Clarksons noted in its recent weekly report that the Chinese exports have increased to a record of 1.6m units in 2021, up by 105% year-on-year. Rates are currently at an all-time high of $55,000 a day for a 6,500 ceu PCTC.

Atlas Maritime is leading the initiative together with EMF. The new dual-fuel LNG 7,000-ceu car/truck carriers (PCTC) newbuildings will be from China’s CIMC Raffles. The average petrol vehicle imported into the EU weighs c. 1.2 tonnes vs c. 2 tonnes for a plug-in hybrid. The electric car is therefore approximately 60%+ heavier than traditional vehicles. Our PCTCs are strengthened and capable of carrying heavier electric vehicles.

“A range of factors from labor shortages at ports and difficulties in crew changes, to abrupt changes in output from car plants in different regions and shifting trade patterns, have all combined to soak up vessel capacity,“ as reported by Clarksons.

“We think that newbuilding prices will continue to rise. We are very excited to have placed these orders in a sector that has very bright prospects and a considerable upside,” Leon Patitsas, CEO of Atlas Maritime.

Atlas expects to employ the vessels in the growing electric vehicle trade between China and the west.

Chinese carmakers are expanding their export volume. Tesla has plans for an additional plant capable of producing 1m cars annually.

Clarksons estimates 100 to 200 new car carriers will be needed between 2024 to 2030 to meet additional demand growth.

“We are committed to being market sustainability leaders, these vessels will be LNG dual-fueled. EMF has a strong track record working with Atlas Maritime, leading the maritime industry transition to greener and cleaner fuels” Stephen Schueler, Chairman of European Maritime.

Source: TradeWinds