SIMIC

CHINESE shipping logistics service provider, SITC International, has achieved significant growth on revenue and profits in the past year attributed to its container shipping business.
Revenues for the year ended December 31 , 2022 were US$4.1billion, increasing by 36.5 per cent. Profit also was up by 67 per cent at $1.9 billion, reports UK's Seatrade Maritime News.
"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," said SITC.
As the end of 2022, the group operated a fleet of 108 vessels with a total capacity of 162,701 TEU, comprised of 84 self-owned and 24 chartered vessels, with an average age of 9.7 years.
Revenue generated by the group's container shipping and logistics business for 2022 increased by approximately 37.5 per cent to $2.98 billion. Container volume of SITC was 3.26 million TEU last year, an increase of 3.8 per cent year on year while the average freight rate grew 33 per cent.
To focus on container shipping and logistics business, SITC disposed all of its dry bulk vessels in the first half of 2022.