Rami Ungar’s Ray Shipping Orders Over $1 Billion in New Car Carrier Ships from China
Ray Shipping, the international shipping company owned by Israeli businessman and car importer Rami Ungar, has placed an order exceeding $1 billion with Chinese shipyards for advanced car carrier vessels. The order, one of the largest ever by a single company in China, includes about 10 new ships each capable of carrying over 8,500 vehicles, with completion expected by 2029. These vessels are reportedly already leased to global shipping firms. This marks a strategic shift for Ray Shipping, which previously sourced most ships from South Korea, although it continues to place orders there, including a $300 million order with Hyundai shipyards earlier this year.
Ray Shipping is among the top five global companies in building and leasing car carrier ships, currently operating a fleet of 66 leased vessels plus seven under construction in Korea. The company held about 9% of the global car carrier fleet in 2023, with a significantly larger share now. The Ungar family’s shipping group is also expanding its operations in the crude oil tanker sector (VLCC). The family previously competed in the Haifa port privatization tender, which was won by India’s Adani Group.
The surge in Chinese car exports, which hit a record 1.1 million vehicles in July 2026 and totaled 6.4 million from January to July (a 60% increase year-on-year), has driven unprecedented demand for car carrier ships. Limited shipping capacity has doubled daily charter rates, a core business area for Ray Shipping. Israel has become the third-largest Middle Eastern market for Chinese car exports, after Saudi Arabia and the UAE, with the highest penetration rate in the region. Israeli importers report significant challenges securing shipping capacity and rising costs through late 2026 and early 2027.
Separately, Chinese electric vehicle brand Xiaomi plans to launch its cars in Europe by mid-2027, with Israeli imports expected soon after. The vehicles, which have sold over 760,000 units in China, will be imported by Hamilton Group in partnership with Mizrah Group, though no import license application has yet been filed. Xiaomi recently introduced two large plug-in hybrid SUVs in China priced from $38,000, potentially costing 300,000-400,000 shekels in Israel after taxes.
In the commercial vehicle sector, Horizon Motors, owned by the Katz family and Generation Fund, announced the launch of FAW Trucks’ heavy-duty trucks in Israel under the "FAW Israel" brand. The initial offering includes the J7 series semi-trailer trucks with up to 560 horsepower meeting Euro 6 standards. FAW is a major global commercial vehicle manufacturer with half a million annual production capacity and operations in 25 countries. Horizon Motors plans to expand the FAW truck lineup in Israel over time.
