Sponsored By

SITC improves earnings on stronger volumesSITC improves earnings on stronger volumes

Intra-Asia shipping logistics firm SITC International Holdings reported improved results in the first nine months of this year as stronger volumes helped to offset lower freight rates.

Lee Hong Liang, Asia Correspondent

October 29, 2013

1 Min Read
Kalyakan - stock.adobe.com

Hong Kong-listed SITC posted a net profit of $85.32m in the period ended 30 September 2013, up 21.5% compared to $70.24m a year ago.

Revenue inched up 2.3% year-on-year to $905m due primarily to higher shipping volumes and growth in the company's freight forwarding volume for land-based logistics.

During the nine-month period, SITC saw its sea freight logistics shipping volume rose to 1.46m teu compared to 1.3m teu in the corresponding period of 2012.

The average freight rate for the nine months, however, was $487 per teu, representing a decrease of 10.2% over the average freight rate of $542 per teu for the same period of last year.

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.

 

Get the latest maritime news, analysis and more delivered to your inbox
Join 12,000+ members of the maritime community

You May Also Like