19.1 C
Hamburg
Sunday, June 1, 2025
Home News SITC realised nearly US$2 billion profit in 2022

SITC realised nearly US$2 billion profit in 2022

SITC International Holdings, the holding company of Hong Kong-based intra-Asia carrier SITC Container Lines, has announced that its net profit went up by 67% on-year in 2022, to US$1.9 billion.

The Hong Kong-listed group said that its turnover was up 37% year-on-year, to US$4.1 billion, as it carried 4% more containers, amounting to 3.26 million TEUs in 2022. Up till mid-2022, freight rates were at historically high levels, before correcting to pre-Covid-19 lows. SITC stated that average freight turnover was up 33% from 2021.

SITC chairman Yang Shaopeng said, “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.”

As of 31 December 2022, SITC operated a fleet of 108 vessels with a total capacity of 162,701 TEU, consisting of 84 self-owned and 24 chartered vessels, with an average age of 9.7 years.

To focus on its core container shipping business, SITC sold all its bulk carriers within the first half of 2022.


Martina Li
Asia Correspondent





Latest Posts

The Indian Ocean Rivalry

The Indian Ocean has emerged as a strategic theater of competition between two Asian giants: India and China. India’s recent developments indicate a rapid expansion...

Statkraft advances plans for green hydrogen scheme at Hunterston

Europe’s largest generator of renewable energy has proposed the development of a green hydrogen facility at Hunterston, the former coal terminal in Ayrshire. Clydeport –...

Port of Bilbao wraps up busiest month for cruise traffic

May has marked a record month for cruise activity at the Port of Bilbao’s terminal in Getxo, with 18 cruise ship calls bringing over...

Tripoli port shutdown sparks maritime crisis in Libya

Libya’s shipping sector is teetering on the edge of collapse as fresh waves of political violence erupt in Tripoli, crippling key port operations and...

Klaipėda port embarks on green hydrogen initiative

Klaipėda Port launched its green hydrogen initiative, positioning itself as the first in Lithuania and the broader Baltic region to produce and supply green...
error: Content is protected !!