Wednesday, June 25, 2025
Home News Joining an industry trend, SITC reports H1 profits up on lower fuel...

Joining an industry trend, SITC reports H1 profits up on lower fuel costs

SITC International, the holding company of Chinese intra-Asia carrier SITC Container Lines, said that net profit for the first half of 2020 was up 10% year-on-year, to US$119.64 million, as reduced bunker costs mitigated a drop in cargo volumes and freight revenue.

SITC said that its H1 revenue generated by its container shipping and logistics business decreased by approximately 0.2% from approximately US$732 million.

The group’s container shipping and supporting logistics business generated revenue of US$655.7 million, down 2% year-on-year. On the other hand, other container logistics businesses saw revenues rise 18% to US$76.3 million.

Reduced container shipping revenues were due to the decrease in container volumes to 1,152,242TEU, from 1,179,341TEU in H1 2019, as the initial stage of the Covid-19 pandemic disrupted consumption and industrial activities.

Notwithstanding the market uncertainties caused by the Covid-19 pandemic, SITC believes that the intra-Asia trade market will continue to experience healthy growth. As of 30 June 2020, the group operated 70 trade lanes, including nine through joint services and 27 trade lanes through container slot exchange arrangements. These services and land-based integrated logistics business network covered 72 major ports in Asia.

As of 30 June 2020, SITC Container Lines operated 86 vessels with a total capacity of 125,403TEU, comprising 59 owned (81,571TEU) and 27 chartered vessels (43,832TEU).

Container News reported recently that SITC has been expanding its fleet with second-hand purchases as the company is optimistic about the outlook for intra-Asia shipping.

Martina Li
Asia Correspondent





Latest Posts

Tykoflex and Kongsberg Discovery develop subsea infrastructure

Tykoflex AB and Kongsberg Discovery have announced a strategic partnership to advance the development of modular, intelligent, and secure subsea infrastructure. This will combine Tykoflex’s...

West Africa’s container shipping profile rises with MSC’s giant ships

For the first time, the Far East – West Africa trade has entered the top 10 container shipping routes where the largest ships are...

Kalmar secures order from Depot Management Finland

Kalmar has signed an agreement to deliver two next-generation empty container handlers to Depot Management Finland Oy. The order was recorded in Kalmar’s Q2 2025...

Traffic through Hormuz slumps as spoofing, insurance shocks rattle Gulf shipping

Maritime traffic through the Strait of Hormuz plunged by almost 60% at the start of the week, underscoring how a mix of electronic warfare,...

JAXPORT welcomes two new cranes

The Jacksonville Port Authority has received two new 50-gauge ship-to-shore container cranes at its Blount Island Marine Terminal, marking a key milestone in the...
error: Content is protected !!