Ray Car Carriers has signed a contract with Guangzhou Shipyard International (GSI) for ten newbuild vessels in a deal valued at approximately $1 billion, according to Splash. The order marks one of the larger newbuilding commitments in the car carrier segment this year. Ray Car Carriers, a Cyprus-based owner and operator specialising in pure car and truck carriers (PCTCs), has been expanding its fleet in recent years to meet rising global demand for vehicle transport, driven in part by growing exports of electric vehicles from Asia. GSI, a major Chinese shipbuilder based in Guangzhou, has secured a growing share of car carrier orders as yards worldwide report full order books through the latter half of the decade. The ten-ship package underscores continued investor confidence in the car carrier trade, which has seen freight rates and asset values climb sharply since 2022 amid a shortage of available tonnage and strong demand from automakers shifting export volumes by sea. Further details on vessel specifications, capacity and delivery schedule have not yet been disclosed. The order adds to a wave of PCTC newbuilding activity across Chinese and South Korean shipyards, as owners position themselves to capture continued growth in seaborne vehicle trade over the coming years.
