MSC Expands Fleet, Acquires Gram Car Carriers Amid Record Demand
Mediterranean Shipping Company (MSC) has expanded its portfolio with the acquisition of Carmax Car Carriers, a leading provider of pure car and truck carriers (PCTCs). This move comes amidst record-high time-charter rates and increased demand for vessel capacity, particularly from carmakers.
MSC's portfolio now includes full ownership of Grandi Navi Veloci (GNV) and a 49% stake in Moby, two prominent ferry operators in the Mediterranean area. The company has further strengthened its position in the car carrier market by acquiring Carmax Car Carriers, which boasts a fleet of 17 PCTCs and is the world's third-largest tonnage provider within this segment.
The recent purchase of Carmax Car Carriers by MSC follows the acquisition of Suardíaz and Hoegh RoRo in previous years. Suardíaz, now part of Carmax Car Carriers, had previously bought a PCTC vessel for $64.6 million. This acquisition spree indicates MSC's commitment to expanding its car carrier operations.
The car carrier market's popularity is driven by high demand from carmakers, leading to tight capacity in the post-pandemic years. Time-charter rates for ro-ro vessels have reached record highs, and spot rates have also increased, reflecting this strong demand.
MSC's acquisition of Carmax Car Carriers further solidifies its position in the car carrier market. With record-high time-charter rates and increased demand from carmakers, the company's expansion strategy appears well-timed. As MSC continues to grow, it will be interesting to see how it navigates the competitive landscape and responds to evolving market conditions.
