Hong Kong-listed inter-Asia liner firm SITC release its first quarter operating report yesterday (25 April). The report follows the current trend in liner shipping, of small or non-existent increases in liftings accompanied by massive increase in freight rates.
 

For the three months ending on 31 March SITC liftings increased 4.8% to 729,836 teu with a corresponding 66% increase in revenue to US$1.03bn, up from US$619m in the first quarter of 2021. The Group's average freight rate from container shipping and logistics business (excluding slot exchange fee income) for the three months ended 31 March 2022 reached US$1,241.6 per teu, representing an increase of approximately 61.6% from US$768.3 per teu for the corresponding period in year 2021. 
 

Further, revenue generated from the Group's dry bulk and others business increased by approximately 6.5% from approximately US$6.2m for the three months ended 31 March 2021 to approximately US$6.6m for the corresponding period in 2022. As a result, revenue of the Group increased by approximately 65.4% from approximately US$625.4m for the three months ended 31 March 2021 to approximately US$1.034bn for the corresponding period in 2022. 
 

In 2021 SITC's net profit grew 230% to US$1.17bn. The Group now has 35 new vessels on its orderbook.

Source: Hong Kong Maritime Hub

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