With a shipping capacity of roughly 148,000 TEU, SITC is presently the world’s 15th largest liner operator. Strong market conditions saw SITC’s 2021 net profit soaring more than four-fold to US$1.17 billion.
SITC Huangshan and SITC Taishan, two other bulk carriers, were sold for US$22 million and US$18.25 million, respectively, in November 2021 and February 2022, according to a business representative.
SITC does not own or operate its bulk carriers; instead, it charters them out to other companies. Four Panamax vessels and one Supramax vessel make up the bulk carriers.
“While dry bulk charter rates have been solid,” a company official stated, “charter hire income comprises a minor part of the group’s revenue, and the management wants to focus on the primary business, which is container shipping.”
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Furthermore, SITC has 33 boxships, ranging from 1,800 TEU to 2,700 TEU, on order at Yangzijiang and a South Korean ship builder, Dae Sun Shipbuilding & Engineering Co., Ltd. The delivery of the vessels is expected from mid-2022 to end-2024.
SITC’s representative told Container News that these newbuildings will gradually replace older ships and chartered-in vessels, to reduce chartering costs.
Tran Van Hieu
Bulk carriers waiting to dock in China