Hong Kong-listed box carrier SITC International Holdings’ profits rose 27.3% year on year (y/y) to USD71.3 million in the first six months of 2015, mainly because of a cut in fuel costs.
Revenues dropped 1.0% y/y to USD651.2 million during the same period, as a result of a decrease in container shipping freight rates and freight forwarding rates in both of the sea freight logistics and land-based logistics businesses, a stock filing of SITC International Holdings said on 24 August.
The company’s cost decreased by approximately 3.2% to approximately USD557.4 million for the corresponding period in 2015. The decrease was primarily attributable to the significant decrease in bunker cost.
During the period, SITC’s box shipping volume rose 6.6% y/y to 1.1 million teu.
As of 30 June, the group operated a fleet of 70 vessels with a total capacity of 86,076 teu, comprising 35 self-owned (39,335 teu) and 35 chartered vessels (46,741 teu), with an average age of 8.6 years. Of these 70 vessels, 50 were of the 1,000 teu type. For the first half of 2015, USD88.2 million out of USD116.9 million of paid out capital expenditure was attributable to vessel purchases.
This post was sourced from IHS Maritime 360: View the original article here.