Privately-owned shipowner SITC International which is listed in Hong Kong, announced its 2019 financial report. For the year ended December 31, 2019, revenue was approximately US $ 1.554 billion, up approximately 7.2% year-on-year; Shareholders shall account for approximately us $222 million of annual profit, an increase of approximately 11.3% annually; Basic earnings per share 8.29 cents, intends to declare a final dividend of 27 cents per share.

 

The report disclosed that revenue growth was mainly attributable to increases in average freight rates and container volumes for container shipping and extended logistics. Revenue from container shipping logistics increased about 7.2 percent to $1.527 billion for the year ended Dec. 31, 2019. The increase was mainly due to a 3.5% year-on-year increase in container shipping and extended logistics operations to 2.4833 teu; And the average freight (excluding revenue from exchanging cabin fee) increased by about 2.8% from USD 522.1/teu in 2018 to USD 536.6/teu in 2019.

 

As of December 31, 2019, the container shipping logistics business has operated 68 trade routes, including 9 trade routes operated through joint services and 26 trade routes operated through container exchanging arrangement. Covering 69 major ports and cities in mainland China, Japan, South Korea, Taiwan, Hong Kong, Vietnam, Thailand, Philippines, Cambodia, Indonesia, Singapore, Malaysia and Brunei.

 

Source:Sarah Yu,XINDE MARINE NEWS

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