Shanghai: SITC Logistics has announced plans to invest more than 100 million yuan ($13m) over the next two years in to acquire and customise technology, in an effort to increase its distribution 75% of China's territory, covering all major and secondary cities. The company, which is the result of a merger between the logistics unit of Qingdao-based SITC Maritime and Beijing-based New Times International Transport Service in December 2006, anticipates its net profit increasing by more than 30% in 2007.
Parent company SITC Maritime's sea transportation services include container lines, bulk carrier, domestic and coastal shipping, shipping management and ships brokering. SITC Container Lines is currently operating over thirty full container vessels with export and import container volume reaching more than 800,000teu annually. At present, SITC claims to be the leading carrier in SINO-JAPAN shipping liner services, with more than 40 routes covering China, Japan, Korea, HongKong, Taiwan, and extending to South East Asian areas including Thailand, Vietnam, Malaysia and Singapore. [29/01/07]
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