Hong Kong-listed intra-Asia liner operator SITC has issued a profit warning for fiscal 2022 as early indications within the unaudited results suggest a net profit in excess of US$1,900m. The current figure compares with US$1,167.2m profit earned in 2021, which was in turn an increase of 230% compared to 2020.
The company attributes the outstanding result to the combined effect of the relative stability of freight rates maintained by the provision of high-quality services; the strategic focus of continuous expansion of businesses in the Asian market; the enhancement of cost leading advantage by asset allocation through the utilization of
cycles.
As of 30 June 2022, the Group operated 77 trade lanes, including 14 trade lanes through joint services and 24 trade lanes through container slot exchange arrangements. These trade lanes and land-based integrated logistics business network covered 75 major ports in the Mainland China, Japan, Korea, Taiwan, Hong Kong, Vietnam, Thailand, the Philippines, Cambodia, Indonesia, Singapore, Malaysia, Brunei, Bengal, Myanmar, and Russia.
As of 30 June 2022, the Group operated a fleet of 97 vessels with a total capacity of 140,524 teu, comprised of 74 self-owned (116,093 teu) and 23 chartered vessels (24,431 teu), with an average age of 11.7 years. 57 of these 97 vessels were of the 1,000 TEU type.
Source: Hong Kong Maritime Hub
Source: Hong Kong Maritime Hub
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