SITC's H1 profits surge 20pc to US$85.1m


INTRA-ASIA container shipping line and logistics company, SITC International Holdings, saw its first-half net profits rise 20 per cent year on year to US$85.1 million on a 6.8 per cent increase in revenue to $604.3 million.

The higher revenue was attributed to rising volumes, which offset a decrease in average freight rates in the first six months of the year.

During the reporting period, revenues generated by SITC's sea transport segment rose 10.8 per cent year on year to $520.5 million. Container shipping volumes were up 14.9 per cent to 1.3 million TEU, while the average freight rate dipped to $388.10 per TEU from the $399.30 TEU recorded in the first half of 2016, reported Lloyd's Loading List.

Revenues of the company's land-based logistics business surged 9.4 per cent to $375.8 million in the first half of the year. Freight forwarding volume picked up to 900,213 TEU from 817,434 TEU, whereas the average freight forwarding rate edged down to $341.40 per TEU from $342.30 per TEU a year earlier.

As of end-June, SITC ran ships on 59 trade lanes, including 10 trade lanes through joint services and 21 lanes through container slot exchange arrangements. The carrier operates a fleet of 72 vessels with a total capacity of 94,882 TEU, including 25 ships that are chartered.

Earlier this month, SITC announced it had ordered four 1,011 TEU gearless boxships from South Korea's Daesun Shipbuilding for $68 million - two on exercised options and two on new orders.

Source: Schednet 

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