SITC International continued its profitable streak as container rates spiked in 2020 with the Hong Kong-listed parent of the Chinese intra-Asia carrier SITC Container Lines announcing net profits had increased by 60% year-on-year to US$353.7 million.
[s2If is_user_logged_in()]In view of the results, SITC’s shareholders will be offered a dividend of HK$0.60 (US$0.0774) per share.
While SITC’s core container shipping and logistics business recorded an operating profit of US$364.52 million, this was offset by weaker revenue from the company’s dry bulk shipping operations.
SITC’s container volumes were up 5% to 2.61 million TEU, while freight income averaged US$545.10 per TEU, compared with US$536.60/TEU in 2019. Reduced bunker costs also helped SITC’s bottom line.
In 2020, SITC took delivery a total of six newbuild container vessels and two second-hand container ships. In addition, SITC also ordered 17 newbuildings from Jiangsu Yangzijiang Shipbuilding Co., Ltd, with options for another 10 vessels.
Martina Li
Asia Correspondent
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