Global car sales show modest growth, but fleet expansion continues to outpace trade volumes

Global car carrier activity remained stable through October, supported by steady EV exports and the continued diversification of automotive production hubs across Asia and Latin America. However, trade policy shifts and soft vehicle demand continued to shape market sentiment.

In the EU, new car registrations rose 10 percent year-on-year in September to 888,700 units, though year-to-date growth remains subdued at just 0.9 percent. Including September figures across Japan, the EU, the UK, South Korea, and the United States, global car sales increased 6 percent year-on-year, with year-to-date growth at 2.6 percent.

A fairly balanced outlook for the PCTC market
On the policy side, reciprocal port fees between China and the United States took effect on October 14 with limited direct impact, estimated at 2 to 3 percent of the global PCTC fleet. The United States also raised port levies on foreign-built vessels and tightened routing regulations, while a 25 percent tariff on imported medium and heavy-duty trucks is set to take effect on 1 November.

The PCTC market is expected to remain balanced in the near term, supported by stable EV exports and steady utilization. However, weaker global car sales and continued fleet growth are likely to limit rate recovery. Longer term, diversified production and the EV transition should provide gradual support to seaborne automotive trade.