SITC continues to expand its fleet as its first 6 months profit triples

A container vessel of SITC Container Lines (Photo: Fleetmon)

SITC International, the Hong Kong-listed parent company of SITC Shipping Lines, announced its first half results on Monday, showing a net profit of $63 million.

SITC also said 90% of its capital expenditures, about $83.6 million, were spent on vessel acquisitions in the first half of the year.

Vessel databases show that SITC acquired the SITC Rizhao (formerly Sinar Bitung) vessel built in 2007 from Japanese owner Soki Kisen in April for an undisclosed price.

Chairman Yang Shaopeng said: “SITC will continue to purchase container vessels and containers and invest in logistics projects as and when appropriate. The company expects the internal financial resources and bank borrowings will be sufficient to meet the necessary funding requirements".

During the first six months of the year, SITC also ordered dozens of 1,023 TEU vessels from Dae Sun Shipbuilding in South Korea and eight from Yangzijiang Shipbuilding in China - including four 2,600 TEU vessels and four 1,800 TEU vessels.

As of June 30, SITC had 37 container vessels scheduled for delivery next year. SITC is the 15th largest container shipping line in the world, with a total fleet capacity of 140,336 TEUs and 75 owned vessels (according to Alphaliner).

SITC's revenue from container shipping and logistics grew by about 80% in the first half of 2021, to $1.32 billion, from $732 million in the first half of 2020, as cargo volumes and freight rates continued to increase. high. The carrier shipped 1.49 million TEUs, up from 1.15 million TEUs in the first half of 2020.

Source: Phaata.com (According to TheLoadstar)

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