Hot on the heels of Seaspan‘s entry into the car carrier segment with an order for six 10,800 ceu vessels at Shanghai Waigaoqiao Shipbuilding against Hyundai Glovis charters, South Korea’s flagship line HMM has commissioned Guangzhou Shipyard International (GSI) to build another six similar ships backed by the shipping and logistics unit of Hyundai Motor Group.
Seoul-based Hyundai Glovis revealed plans earlier this year for a dozen 10,800 ceu vessels for delivery in 2027 worth around $1.84bn. The orders spread between China’s state-owned SWS and GSI include options for four more of the largest under-development car carriers to date at each yard.
The 10,800 ceu design, which Seaspan and up-for-sale HMM have opted for, could be trumped soon. At the Marintec China trade fair this week, class society DNV awarded an approval in principle certificate to China Merchants Jinling Shipyard for an 11,000 ceu design.
Before these orders, Clarksons, in its most recent weekly report, described the car carrier markets as remaining “exceptionally tight” as 2023 draws to a close. About 80 vessels of 677,000 ceu had been confirmed ordered in 2023, a new annual record, taking the orderbook to some 37% of fleet capacity.
Around 85% of capacity on order is set to be alternative fuel capable, mostly LNG, while 28% of capacity is ammonia or methanol ready. Seaspan and HMM newbuilds will be LNG dual-fuel, but also methanol and ammonia-ready.
