[Exclusive] HD Hyundai's Regular Client Places Large-Scale Order from China... Commissioned 10 PCTC Vessels

[Financial News] It has been reported that Leycar Carriers, known to have concentrated its newbuilding orders for Pure Car Carriers (PCTC) on HD Hyundai for decades, has placed a large order with a Chinese shipyard for the first time. With China recently capturing over 80% of the PCTC newbuilding market, there are concerns that the order gap between the two countries could widen further as long-time clients of Korean shipbuilders expand their client base to China.
According to industry sources on the 6th, Guangzhou Shipbuilding International Co., Ltd. (GSI), a subsidiary of China State Shipbuilding Corporation (CSSC), disclosed on the 1st that it had signed a newbuilding contract with an overseas shipowner for 10 8,200 CEU liquefied natural gas (LNG) dual-fuel PCTC vessels. The contract value exceeds $1 billion, and the vessels will be delivered sequentially between 2029 and 2031.
Although the name of the client was not disclosed due to contractual agreements, the industry identifies the client as the Israeli shipowner Reyka Carriers. This contract is known to be Rey's first large-scale new shipbuilding order from a Chinese shipyard.
It is noteworthy that Ray has utilized Korean shipyards as major clients for decades. Ray has primarily entrusted newbuilding orders to shipyards affiliated with HD Hyundai, and it is known that seven LNG dual-fuel PCTCs are currently under construction at HD Hyundai Heavy Industries. Among these, two vessels are identified as part of the 398.5 billion won PCTC order secured by HD Hyundai Heavy Industries from a European shipping company last April.
With Ray, which has solidified close ties with Korea, selecting a Chinese shipyard, it is assessed that the Chinese shipbuilding industry's monopoly on the PCTC market is further strengthening. Statistically, the dominance of Chinese shipyards in the PCTC market has also increased rapidly over the past few years. According to global maritime data firm Benson Nautical, Chinese shipyards secured 252 new car carrier orders worldwide between 2021 and 2025, accounting for over 80%. In contrast, Japan secured only 47 vessels, and Korea 10.
Domestic shipbuilders have previously pursued a selective order strategy focused on relatively high-profit ship types, such as LNG carriers and high-specification container ships. However, analysts suggest that the attractiveness of the car carrier market is increasing as orders revive, coupled with the expansion of vessel sizes and the application of LNG dual-fuel technology. New orders for car carriers in the first half of this year totaled 29 vessels, a 1,350% increase compared to the 2 vessels ordered during the same period last year.
The problem is that during this process, Chinese shipyards are preempting large-scale series orders and rapidly accumulating design standardization, repetitive construction experience, and competitiveness in delivery times and costs. CSSC also assessed that this contract will serve as an opportunity to expand its track record and brand influence in the car carrier market by leveraging GSI's capabilities in large Ro-Ro vessel design, R&D, total assembly, and quality control.
"It is difficult to judge competitiveness based solely on order volume, as domestic shipbuilders are currently selectively accepting orders centered on high-profit ship types," an industry official said. "However, as Chinese shipyards are repeatedly securing PCTC series orders and enhancing their productivity and delivery competitiveness, there is a possibility that competition will become even fiercer in the future."
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