SITC realised nearly US$2 billion profit in 2022

SITC International Holdings, the holding company of Hong Kong-based intra-Asia carrier SITC Container Lines, has announced that its net profit went up by 67% on-year in 2022, to US$1.9 billion.

The Hong Kong-listed group said that its turnover was up 37% year-on-year, to US$4.1 billion, as it carried 4% more containers, amounting to 3.26 million TEUs in 2022. Up till mid-2022, freight rates were at historically high levels, before correcting to pre-Covid-19 lows. SITC stated that average freight turnover was up 33% from 2021.

SITC chairman Yang Shaopeng said, “The group continued to provide container transportation and integrated logistics services that focused exclusively on the Asian market in 2022, as the group believes that the Asian market will continue to experience stable and healthy growth.”

As of 31 December 2022, SITC operated a fleet of 108 vessels with a total capacity of 162,701 TEU, consisting of 84 self-owned and 24 chartered vessels, with an average age of 9.7 years.

To focus on its core container shipping business, SITC sold all its bulk carriers within the first half of 2022.

Martina Li
Asia Correspondent