SFL Corp, controlled by Norwegian shipping magnate John Fredriksen, has joined the ranks of shipowners ordering Pure Car and Truck Carriers (PCTCs) by placing an order with a Chinese shipyard.
Shipbrokers and market sources report that the US-listed SFL Corp has signed a contract with CIMC Raffles to build one 7,000-CEU LNG dual-fuel PCTC, with delivery expected in 2029.
This marks the second order for 7,000-CEU LNG dual-fuel PCTCs recently announced by CIMC Raffles. Last month, UK-based shipowner Zodiac Maritime announced an additional order with CIMC Raffles for two 7,000-CEU LNG dual-fuel vessels, with delivery expected in 2028.
Including this latest order, CIMC Raffles has publicly announced four shipbuilding contracts in June: two 1,800 TEU container ships (an option exercised by Greek owner Euroseas), a new deepwater multi-purpose offshore installation vessel ordered by a joint venture between Solstad Offshore and SBM Offshore, and the EPCIC contract for the Greater PAJ FPSO.
Regarding the shipowner, SFL Corp currently operates seven PCTCs delivered between 2005 and 2024, a fleet that includes four 7,000-CEU PCTCs ordered from Guangzhou Shipyard International (GSI) in 2021.
In addition to PCTCs, SFL Corp is active in the container ship, tanker, dry bulk carrier, and offshore energy transport sectors. In July 2024, the shipowner placed an order worth approximately $1 billion with New Times Shipbuilding for five 16,800 TEU LNG dual-fuel container ships, with deliveries expected to begin in 2028.
Following a three-year surge in PCTC orders from 2022 to 2024—during which the ratio of the orderbook to the existing fleet capacity peaked at around 40%—shipowners largely refrained from placing new PCTC orders in 2025.
However, driven by factors such as the surge in Chinese automobile exports, strengthening time-charter rates, and rising secondhand vessel values, shipowner interest in new construction has gradually rebounded, and signs of a warming market have emerged in recent months.
Alongside the aforementioned SFL Corp and Zodiac Maritime, other shipowners—including Switzerland’s Sallaum Lines and Israel’s Ray Car Carriers—have also placed orders for PCTCs this year.