[220816.EN.BIZ] SITC First Half Profit Flat As Revenue Slips 7.5pc On Poor Rates

INTRA-ASIA carrier and logistics firm SITC International Holdings posted a first half net profit decline of 0.01 per cent to US$71.31 million, drawn on revenues of $602.41 million, which fell 7.5 per cent year on year.

The flat performance was blamed on the decrease in container shipping freight rates and freight forwarding rate in both of the sea freight logistics and land based logistics businesses.

The Hong Kong company saw a decline in average container shipping freight rate to $397.50 per TEU for the first half from $428 per TEU for the same period of 2015.

SITC operates 74 vessels with a total capacity of 92,247 TEU, of which 46 are self-owned and 28 are chartered.

The existing 61 services routes covers 13 countries and regions, 58 major ports in area of China, Japan, Korea, Taiwan, Hong Kong, Vietnam, Thailand, Philippines, Cambodia, Indonesia, Singapore, Brunei and Malaysia.

SITC ranks 24th in the global container shipping enterprises as of December 31. The container transportation volume in 2015 exceeded 2.16 million TEU.

SITC Logistics Group covers freight forwarding, customs brokerage, LCL, project logistics, logistics delivery, shipping agency, bulk cargo, warehousing, container depot, port, etc.

The company has a logistics park with the business of warehousing and depot in Qingdao, Shanghai, Haiphong, Ho Chi Minh, Bangkok and Laem Chabang.

SITC Logistics has maintained a long-term cooperative relationship with global famous enterprises such as Damco Logistics, Itochu Logistics, Hanjin, Singamas and Tsingtao Beer.

Source : HKSG.