Chinese regional carrier SITC International Holdings profits nearly doubled last year on the back of the booming container market.
The Hong Kong-listed feeder operator made a net profit of more than $1.9bn in 2022, according to preliminary and unaudited accounts.
That is up from $1.17bn for the previous year.
The Yao Shaopeng-led company attributed the performance to the relative stability of freight rates as well as its strategy of continuous expansion of business in the Asian market. It also alluded to certain cost advantages.
SITC continues to take delivery of an impressive newbuilding portfolio.
The latest of these is the 1,023-teu SITC Anhe (built 2023), which was delivered from South Korea’s Dae Sun Shipbuilding & Engineering on 31 January.
Fleet expansion
It is one of 10 sister ships being delivered by the shipbuilder to the Chinese carrier through to 2024.
SITC also took delivery on 18 January of the 2,600-teu SITC Qiming (built 2023) from Yangzijiang Shipbuilding.
It is the sixth in a series of 10 SDARI-designed gearless sisters that the yard will delivery to SITC.
Similar vessels have been ordered by other regional operators including China United Lines and TS Lines.
SITC is listed by Alphaliner as the 13th-largest liner operator, but has embarked on an ambitious newbuilding programme in the past two years.
It has 24 vessels under construction, including the last two in a 12-ship series of 1,781-teu newbuildings from Yangzijiang.
In addition, SITC has 10 vessels of 1,800 teu each to be built at Huanghai Shipbuilding in China.
The company operates 105 vessels from 500 teu up to 2,700 teu, around three-quarters of which are owned.
