SITC International Holdings, the parent of Chinese intra-Asia carrier SITC Container Lines, reports that 2019 profits were up 11% to US$221.5 million as cargo volumes increased over the year to 2.48 million TEU, from 2.4 million TEU in 2018.
During the year, SITC Container Lines expanded its coverage to 69 major ports and cities in China, Japan, Korea, Taiwan, Hong Kong and Southeast Asia.
The company said that while it is still assessing the impact of COVID-19 on its operations, it expects economic activities to recover in due course, as inventories need to be restocked.
Established as Shandong InternationalTransport Corporation, in 1991, SITC was privatised in 2000. SITC International Holdings became the holding entity for all of SITC’s subsidiaries and listed on the Hong Kong Stock Exchange. Veteran Chinese shipping executive Yang Shaopeng has been the majority shareholder since privatisation.
Alphaliner now ranks SITC as the world’s 17th largest liner operator, with a current fleet capacity of 118,177 TEU.
As part of its fleet renewal, SITC group has seven ships (four 2,400 TEU units and three 2,700 TEU units) on order at Jiangsu Newyangzi Shipbuilding (a subsidiary of Yangzijiang Shipbuilding (Holdings), for delivery from April 2020 to January 2021. In 2019, SITC took delivery of four newly built ships, comprising two 2,400TEU ships, SITC Batangas and SITC Cebu, from Jiangsu Newyangzi Shipbuilding Co. as well as two 1,011TEU ships, SITC Subic and SITC Taicang, from Dae Sun Shipbuilding & Engineering Co.
Container News understands that in January 2020, the SITC group purchased HF Spirit (ex-Hyundai Harmony), a 2002-built 1,032TEU ship. The special purpose vehicle of the HF Spirit is HF Spirit Shipping Company Limited Inc., which was incorporated in Panama on 27 August 2019. Panamanian records list Yang Shaopeng as President of the company.
Martina Li
Asia Correspondent
