European Maritime Finance partnering with Atlas Maritime launches the third Green Car Carrier investment project with a Scandinavia Road Show.
The first event was held at the historic Denmark Ship Owners Association (Danske Rederier) 100 year old building. The event was well attended by current and future potential investors.
We are excited to launch our third Green Electric Car Carrier PCTC investment project, partnering with Atlas Maritime. We have seen positive results from our first two investments and decided to execute our third vessel option.,” Martin Haugaard, CEO of European Maritime Finance.
EMF hosted additional events in Stavanger and Oslo, Norway. A country with a strong history of maritime investing.
Clarksons noted in its recent weekly report that the Chinese exports have increased to a record of 1.6m units in 2021, up by 105% year-on-year. Rates are currently at an all-time high of $65,000 a day for a 6,500 ceu PCTC.
Atlas Maritime is leading the third initiative together with EMF. The new vessel will be a dual-fuel LNG 7,000-ceu car/truck carriers (PCTC). The average petrol vehicle imported into the EU weighs c. 1.2 tonnes vs c. 2 tonnes for a plug-in hybrid. The electric car is therefore approximately 60%+ heavier than traditional vehicles. Our PCTCs are strengthened and capable of carrying heavier electric vehicles.
“A range of factors from labor shortages at ports and difficulties in crew changes, to abrupt changes in output from car plants in different regions and shifting trade patterns, have all combined to soak up vessel capacity,“as reported by Clarksons.
“We are excited by our success and impressive track record. We have studied the market and placed our initial orders at great timing when values were lower. We had an option that was way in the money with a price that was agreed before the market spiked. We have exercised the 3rd option and now have over $250 million of exposure in the sector. The new building prices continue to rise, the orderbook is filled with containers and LNG ships and the fundamentals of the PCTC sector look extremely attractive. We see significant upside going forward “ Leon Patitsas, CEO of Atlas Maritime.
Atlas expects to employ the vessels in the growing electric vehicle trade between China and the west.
Chinese carmakers are expanding their export volume. Tesla has plans for an additional plant capable of producing 1m cars annually.
Clarksons estimates 100 to 200 new car carriers will be needed between 2024 to 2030 to meet additional demand growth.
“We are committed to sustainability and supporting global trade, this vessel will be LNG dual-fueled. EMF has a strong track record working with Atlas Maritime, leading the maritime industry transition to greener and cleaner fuels” Stephen Schueler, Chairman of European Maritime.