Home >> News Room >>SITC profit exceeds US$1b, soaring 230pc

News Room

SITC profit exceeds US$1b, soaring 230pc

Author:   Posttime:2022-03-14

SITC International, the parent of Hong Kong-based intra-Asia carrier SITC Container Lines, has seen its 2021 net profit surge by 230 per cent year on year to US$1.17 billion, as liner operators achieved a second straight year of record earnings.

Revenue generated by the container shipping and logistics business was up 79 per cent to $2.98 billion.
The increase was a result of container shipping volumes increasing by 20 per cent to 3.14 million TEU in 2021, while freight rates, excluding slot exchange fee income, increased by approximately 52 per cent to $826.90/TEU in 2021.
SITC chairman Yang Shaopeng said that Covid-19-related logistical bottlenecks caused sharp increases in vessel and container leasing costs, placing upward pressure on freight rates.
He said: "The company optimised its lanes by flexibly deploying shipping capacity and closely monitoring port conditions, thereby providing customers with consistent services in accordance with established contracts in good faith."

source:{非本站网址}

Related posts