[200818.EN.SEA] SITC First Half Profit Rises 7pc To US$91.8 Million as Revenue Rises 7.3pc

HONG KONG shipowner SITC International Holdings has posted a seven per cent year-on-year increase in first half net profit to US$91.8 million, drawn on revenues of $692.8 million, up 7.3 per cent.

SITC, an intra-Asia carrier and logistics firm, noted its average freight rate was up by nine per cent year on year to $522.9 per TEU.

Its container shipping sector provides services ranging from container shipping, freight forwarding, ship agency and other logistic services.

SITC currently operates 77 vessels with a total capacity of 108,367 TEU, of which 48 vessels of 63,072 TEU are self-owned and 29 vessels of 45,295 TEU are chartered. Out of its total fleet, 55 vessels are 1,0000-TEU ships. The average age of the fleet is 9.9 years.

In June, SITC ordered two feeder ships from Yangzijiang Shipbuilding. The company runs its fleet on 66 trade lanes, including nine trade lanes through joint services and 28 lanes through container slot exchange arrangement.

These services cover 68 major ports in China, Japan, South Korea, Taiwan, Hong Kong, Vietnam, Thailand, the Philippines, Cambodia, Indonesia, Singapore, Malaysia and Brunei.

During the first half, SITC paid $25.2 million to purchase vessels and a capital of $14.5 million was attributed to its 1,120,000-square metre container yard and 86,000-square metre warehouse.

SITC also owns six bulk carriers with a total capacity of 438,595 dwt, with an average age of 5.6 years. Driven by higher rates, the company's bulk carrier fleet generated a revenue of $11.4 million, surging 52 per cent year on year.

SITC said that it will continue to focus on intra-Asia market as it believes the market will maintain healthy growth in the future, said the company.

Source : HKSG.