SITC gains 67% in 2022 on container boom

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Chinese shipping logistics service provider, SITC International, has achieved significant growth on revenue and profits in the past year attributed to its container shipping business.

Revenue for the year ended December 31, 2022 was $4.1 billion, up 36.5%. Profit also rose 67% to $1.9 billion.

“The group continues to provide container transportation and integrated logistics services solely focused on the Asian market in 2022 as the group expects the Asian market to continue to experience stable and healthy growth,” SITC said.

At the end of 2022, the group operated a fleet of 108 vessels with a total capacity of 162,701 TEU, consisting of 84 owned and 24 chartered vessels with an average age of 9.7 years.

The group’s container shipping and logistics business revenue for 2022 increased about 37.5% to $2.98 billion. SITC’s container volume last year was 3.26 million teu, up 3.8% year-on-year, while the average freight rate rose 33%.

In order to focus on the container shipping and logistics business, SITC divested all of its bulk carriers in the first half of 2022.

Source: News Network

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