Car carriers are benefiting from historically high day rates thanks to increasing car exports and continued port congestion, according to a market analysis from Clarksons Research.

With day rates of USD 105,000, car carriers are bringing in twice as much as the last time rates were peaking. 

Transported volumes of new vehicles have grown by 8 percent to USD 20.3 million annually, while transportation distances this year have increased by 6 percent to approx. 6,900 miles, writes the analyst firm.

”The car carrier market is experiencing exceptional conditions. Strong operator earnings and record charter rates [...] are being supported by recovering trade volumes [...], port congestion (signs of easing but still up on pre-Covid levels) increasing length of haul [...], trade in electric vehicles and hybrids and relatively low fleet growth,” states Steve Gordon, managing director at Clarksons Research.

Not only is trading with cars and components for automobile manufacturing growing and affected by congestion – a trade pattern alteration has occurred as well, providing particular growth for exports of Chinese vehicles to Europe.

English edit: Kristoffer Grønbæk

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