SITC profit growth 67% in 2022
The Chinese shipping and logistics company, SITC International, has achieved strong growth in revenue and profit over the past year thanks to its container shipping business.
Container ship SITC shipping company (Photo: SITC)
SITC's 2022 revenue, ended December 31, 2022, was $4.1 billion, up 36.5%. Profit also increased 67% to $1.9 billion.
SITC said: “The group continued to provide container transportation and integrated logistics services that focused exclusively on the Asian market in 2022, as the group believes that the Asian market will continue to experience stable and healthy growth".
As of the end of 2022, the group operates a fleet of 108 vessels with a total capacity of 162,701 TEU, including 84 self-owned and 24 chartered vessels, with an average age of vessels of 9.7 years.
Revenue generated by the group's container shipping and logistics business for 2022 grew by about 37.5% to $2.98 billion. SITC's container volume was 3.26 million teu last year, up 3.8% year-on-year in 2021 while average freight rates increased by 33%.
To focus on the container shipping and logistics business, SITC liquidated all of its dry cargo ships in the first half of 2022.
Source: Phaata.com (According to Seatrade Maritime)
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