Seaspan moves into car carrier sector with Hyundai Glovis

The newbuild vessels will be the world’s largest PCTCs with a capacity of 10,800 car equivalent units (CEUs). They will be entered into long-term charters with logistics firm Hyundai Glovis, a South Korean-headquartered division of the Hyundai Motor Group. The deal, signed with Shanghai Waigaoqiao Shipbuilding (a division of China State Shipbuilding) is the latest in a series of sizeable investments made by carmakers and logistics providers this year to mitigate the current shortage in ro-ro capacity.

The LNG dual-fuel vessels will be methanol and ammonia-ready, which Seaspan said underscores its “commitment and capability executing alternative fuel initiatives”. 

“We’re extremely proud of partnering with Glovis, the market leader in the PCTC sector, and leverage our integrated platform to facilitate their strategic success,” said Kun Li, chief commercial officer, Seaspan. “As jurisdictions seek to transition away from conventional fueled vehicles to electric vehicles, we see this as an opportunity to not only meet the current demand for sustainable shipping solutions but to also support the global initiative for cleaner transportation alternatives.”

Bing Chen, president and CEO, Seaspan said: “By incorporating our extensive experience in dual-fuel LNG containerships, while working proactively with all stakeholders during this decarbonisation journey, Seaspan is uniquely poised to contribute to the standards and progress of sustainable shipping.”

Last month, Hyundai Glovis announced it will be investing almost $2 billion in 12 dual-fuel LNG PCTC vessels, with delivery of the vessels expected to be complete by 2027.