Ray Car Carriers linked to US$270M PCTC newbuilding contract at HD Hyundai

HD Hyundai Heavy Industries disclosed on 16 April that it had secured an order for two PCTCs worth around US$269M, with an unnamed European buyer listed as the counterparty. The vessels are scheduled for delivery through the end of the first quarter of 2029.

Shipbroking and market sources have linked Ray Car Carriers to the order.

The company last contracted the South Korean shipbuilder at the end of last year, when it opted for VLCC newbuildings. Shipping data platforms show Ray Car Carriers has multiple car carriers and large tanker vessels under construction at HD Hyundai, with deliveries scheduled from this year through 2029.

The owner also operates an active fleet of around 50 vehicle carriers, according to Equasis data.

This is the first PCTC order secured by HD Hyundai this year. The shipbuilding group has won contracts for 72 vessels so far in 2026, worth approximately US$7.8Bn, achieving 33% of its annual order target.

Container vessels, tankers, and LNG carriers dominate the orderbook mix, alongside LPG/ammonia carriers and now PCTCs.

According to BRS Shipbrokers’ annual review, the global car carrier orderbook stood at 142 vessels at the end of 2025, equivalent to around 17% of the existing fleet and extending through 2031. In capacity terms, the orderbook represented roughly 1.1M CEU, or about 23% of the current fleet.

Last year, the brokerage recorded only 10 vessels ordered, totalling around 46,000 CEU. “This represented an 83% year-on-year decline, confirming a pronounced slowdown in newbuilding demand following three years of elevated ordering activity,” BRS noted.