Market remains solid – trade tensions still represent long-term risk

The PCTC market remained firm throughout April, with charter rates still elevated compared to historical levels, though somewhat lower than the record highs of 2023–2024. Market sentiment was influenced by trade policy developments as the U.S. prepared to implement new import tariffs on foreign-built vehicles by early May, potentially impacting future demand and trade flows.

Global car sales showed a welcome rebound in March, driven by strong performances in the UK, Japan, and the U.S., offering some positive signals after a period of weaker activity. However, caution remains, as seasonal factors typically support March sales, and sustained growth will be needed to confirm a real recovery.

EU and China working on minimum vehicle price deal
Trade tensions between major economies also remained a theme, with the EU and China exploring alternatives to tariffs through a minimum price agreement. Nonetheless, U.S. tariffs continue to pose risks for global car exports and could influence seaborne vehicle volumes moving forward.