Ray Car Carriers Shifts $1bn PCTC Order From Korea to China
Series of 8,600-car pure car and truck carriers set for Guangzhou Shipyard International
Israeli shipowner Ray Car Carriers is set to finalise a series newbuilding contract for large 8,600-car pure car and truck carriers with Guangzhou Shipyard International, with an overall contract value of approximately $1bn.
The significance lies less in the tonnage than in the address. The order marks a formal break with the owner's long-standing procurement reliance on South Korean shipyards, shifting its core newbuilding programme to a Chinese builder for the first time.
At 8,600 car equivalent units, the vessels sit at the upper end of the car carrier fleet. Guangzhou Shipyard International has built a position in that segment on proven PCTC construction experience, green and energy-efficient designs, and a delivery record that owners have been willing to underwrite with series orders. The yard has consistently secured high-end international work in a segment that Korean and Japanese builders held for most of the previous decade.
The move reflects a broader reordering of where high-specification tonnage gets built. Chinese yards have expanded capacity across vessel types while Korean builders have concentrated their available slots on gas carriers and other high-value work, leaving owners of specialised cargo tonnage with fewer alternatives outside China. For a car carrier operator, the calculation is straightforward: berth availability at a workable delivery date, against a shipyard's track record in a demanding vessel type where deck loading, ventilation and ramp engineering leave little room for a first attempt.
Demand for PCTC capacity has been driven by the growth of vehicle exports out of Asia, and particularly by Chinese manufacturers moving finished cars to Europe, the Middle East and South America. That trade has absorbed the existing fleet and pushed charter rates for modern tonnage well above the levels of the last cycle, which is what makes a billion-dollar series order financeable.
As overseas shipowners continue to shift procurement toward China, domestic builders are positioned to take a larger share of specialised international orders in segments that were previously concentrated elsewhere.
