Revenue from the group's dominant sea freight logistics business rose slightly to $972.7m from $964.1m previously as an increase in freight volume from 1,774,054 teu in 2012 to 1,981,576 teu was countered by a decrease in average container shipping freight rate from $539 per teu in 2012 to $486 per teu last year, SITC said in a stock market announcement.
The land-based logistics business however saw revenue fall to $730.7m from $739.6m previously, although profit for the segment still managed to rise to $58.3m. Freight forwarding volume rose 9.8% from 1,394,358 teu in 2012 to 1,530,471 teu last year.
"The intra-Asia container shipping market (which is the focus of the group’s sea freight logistics business) still maintained a remarkable growth benefiting from higher economic and trade growth in the PRC and Southeast Asian countries, and remained the world’s largest shipping market," SITC said.
Looking ahead, it concluded: "Shipping industry worldwide is expected to face various difficulties and challenges in 2014. The management of the group remains confident in the Asia’s operating environment and performance of container shipping logistics in 2014."
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