SITC reports a 44.5% drop in revenue in the first half of the year

Shipping line SITC recorded revenue of $2.26 billion in the first half of this year, down about 44.5% year-on-year in 2022.

SITC International - China's shipping logistics service provider - recorded revenue of US$2.26 billion in the first half of this year, down about 44.5% from the same period in 2022.

Gross profit for the six months to June 30 was down about 72.4% from $1.2 billion.

The decline in operating results was the result of a combination of factors, with container shipping volumes down about 3.8% in the first half of the year and average freight rates down about 46.1%.

Since the beginning of this year, the container shipping and logistics market has faced dual pressures from a significant increase in transport capacity and a sharp drop in demand due to the economic cycle, and the industry has gradually fallen into a downturn, said SITC.

As of the end of June, SITC operated 72 shipping lines and a fleet of 100 vessels with a total capacity of 159,505 TEUu, including 89 owned and 11 chartered vessels, with an average vessel age of 8 years.

Source: phaata.com, 2023