SITC reports a 44.5% drop in revenue in the first half of the year

A container ship of SITC (Photo: SITC)

SITC International - China's shipping logistics service provider - recorded revenue of US$2.26 billion in the first half of this year, down about 44.5% from the same period in 2022.

Gross profit for the six months to June 30 was down about 72.4% from $1.2 billion.

The decline in operating results was the result of a combination of factors, with container shipping volumes down about 3.8% in the first half of the year and average freight rates down about 46.1%.

Since the beginning of this year, the container shipping and logistics market has faced dual pressures from a significant increase in transport capacity and a sharp drop in demand due to the economic cycle, and the industry has gradually fallen into a downturn, said SITC.

As of the end of June, SITC operated 72 shipping lines and a fleet of 100 vessels with a total capacity of 159,505 TEUu, including 89 owned and 11 chartered vessels, with an average vessel age of 8 years.

Read more:

• SITC profit growth 67% in 2022

Source: Phaata.com (According to SeatradeMaritimes)

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