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CHINA's shipping logistics company SITC says it will continue to acquire second-hand ships and order newbuildings "at reasonable prices" after announcing that profits in the first half of the year had tripled compared to the same period in 2020.
The Hong Kong-listed parent of SITC Container Lines unveiled its H1 21 results recently, which revealed a net profit of US$63 million. SITC also said 90 per cent of its capital expenditure, some $83.6 million, had gone toward vessel acquisitions in the first half.
Vessel databases show SITC acquired the 2007-built 1,032 TEU SITC Rizhao (ex-Sinar Bitung) from Japanese owner Soki Kisen in April for an undisclosed price.
Chairman Yang Shaopeng said: "SITC will continue to purchase container vessels and containers and invest in logistics projects as and when appropriate. The company expects the internal financial resources and bank borrowings will be sufficient to meet the necessary funding requirements."
During the first six months, SITC also ordered a dozen 1,023 TEU ships from Dae Sun Shipbuilding in Korea and eight vessels from Yangzijiang Shipbuilding in China - four each of 2,600 TEU and 1,800 TEU.
On June 30, SITC had 37 containerships scheduled for delivery in the coming year. It is the 15th-largest liner operator, with total capacity of 140,336 TEU, and 75 owned ships.
SITC's revenue from container shipping and logistics increased by approximately 80 per cent in H1 21, to $1.32 billion, from $732 million in H1 20, as cargo volumes and freight rates continued to rise. It carried 1.49 million TEU, up from 1.15m TEU in H1 20, reports UK's The Loadstar.
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