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SITC ships higher volume in Q1, posts lower revenue

SITC ships higher volume in Q1, posts lower revenue
Intra-Asia carrier SITC International Holdings has shipped higher volumes in the first quarter of 2016 over the year-ago period, but earnings dipped due to lower freight rates.

Hong Kong-listed SITC reported a total shipping volume of 518,128 teu for the three months ended 31 March 2016, an increase of 3.5% compared to 500,687 teu for the previous corresponding period.

However the shipowner’s average freight rate for the quarter, excluding slot exchange fee income, amounted to $403 per teu, representing a decrease of 9.4% year-on-year.

Further, SITC’s freight forwarding rose by 2.5% year-on-year to 382,583 teu for the quarter.

As a result, revenue of the group decreased by 7.4% to $291m for the first quarter of 2016 from $314.4m in the same period of 2015.