SITC's profit in H1 was US$486 million,a year-on-year increase of more than three times

SITC International Holdings announced its 2021 interim results, achieving revenue of approximately US$1.334 billion, a year-on-year increase of approximately 79.6%; Gross profit increased by approximately 251.5% to US$557 million, and profit attributable to shareholders of the company was approximately US$486 million, a year-on-year increase of approximately 3.09 times. The board declared an interim interest rate of HK $1 per share, compared with HK $0.22 per share in the same period last year.
 
Among them, the group's container shipping logistics business revenue increased by approximately 80.4% year-on-year to approximately US$1.32 billion. The increase was due to the increase in container shipping volume from approximately 1,152,200 TEUs in the same period last year by 29.4% to approximately 1,491,400 TEUs in the same period in 2021. And the average container shipping freight increased by approximately 42.3% from US$541.3/TEU in the same period last year to US$770.4/TEU in the same period of 2021.
 
According to the announcement, the increase in revenue was mainly due to the increase in average freight rates and container shipping volume and extended logistics business.
 
SITC International Holdings stated that in the future, it will seize the opportunity of low-cost shipbuilding to supplement new ship orders. As of the end of June, SITC International has a total of 37 container ships to be delivered in the coming years.
 
Source: Sarah Yu, XINDE MARINE NEWS

The opinions expressed herein are the author's and not necessarily those of The Xinde Marine News.