Net profit for 2016 was recorded at $124.24m, down 13.8% compared to the gain of $144.15m in 2015.
Full year revenue also dropped to $1.22bn from $1.29bn due mainly to the decline in container shipping freight rate and freight forwarding rate in both of the sea freight logistics and landbased logistics businesses.
SITC noted that the industry “generally operated under harsh conditions due to slower growth of global container logistics as well as intensified market competition and decreasing shipping prices resulted from overcapacity.”
As at 31 December 2016, the group operated a fleet of 78 containerships with a total capacity of 99,986 teu, comprised of 48 self-owned and 30 chartered vessels, with an average age of 7.6 years.
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