Surging vehicle exports, primarily from Asian countries like China, Japan, and South Korea, are expected to drive the robust car carrier market for the coming months. Companies like Höegh Autoliners and Gram Car Carriers have achieved record interim and Q2 results due to this trend. China’s vehicle exports are projected to rise by about 24 percent YoY to approximately 13 million units, with China alone expected to export over 4 million vehicles in 2023. Japan and South Korea have also seen strong export growth. The shortage of shipping capacity has driven freight and vessel charter rates upward, with one-year time charter rates reaching as high as $120,000 per day for a 6,500-car equivalent unit. Despite upcoming regulations and potential capacity shortages, the car carrier market is expected to remain robust due to increasing demand and strong growth in global vehicle sales.
