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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.

Lee Hong Liang, Asia Correspondent

April 25, 2016

1 Min Read
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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.

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About the Author

Lee Hong Liang

Asia Correspondent

Singapore-based Lee Hong Liang provides a significant boost to daily coverage of the Asian shipping markets, as well as bringing with him an in-depth specialist knowledge of the bunkering markets.

Throughout Hong Liang’s 14-year career as a maritime journalist, he has reported ‘live’ news from conferences, conducted one-on-one interviews with top officials, and had the ability to write hard news and featured stories.

 

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