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SITC profits up 67% in 2022 on container boom

Photo: SITC SITCbatangas.jpg
Chinese shipping logistics service provider, SITC International, has achieved significant growth on revenue and profits in the past year attributed to its container shipping business.

Revenues for the year ended 31 December 2022 were $4.1bn, increasing by 36.5%. Profit also was up by 67% at $1.9bn.

“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,” said SITC.

As the end of 2022, the group operated a fleet of 108 vessels with a total capacity of 162,701 teu, comprised of 84 self-owned and 24 chartered vessels, with an average age of 9.7 years. 

Revenue generated by the group’s container shipping and logistics business for 2022 increased by approximately 37.5% to $2.98bn. Container volume of SITC was 3.26m teu last year, an increase of 3.8% year-on-year while the average freight rate grew 33%. 

To focus on container shipping and logistics business, SITC disposed all of its dry bulk vessels in the first half of 2022.