SITC posts Q1 earnings on strong intra-Asia market

SITC International has announced higher earnings in the first quarter due largely to higher container shipping volumes and average freight rates. Net profit for the three months

ended 31 March rose 7.3% year-on-year to $25.1m while revenue increased 24.1% on year to $242.9m.
“Leveraging on the remarkable growth of the intra-Asia container shipping market, our total shipping volumes (for the first quarter) reached 347,467 teu, representing an increase of 11.9% as compared with the corresponding period in year 2010,” SITC said. The China-based shipping logistics firm said its average freight rates for the quarter amounted to $542.1 per teu, representing an increase of 12% as compared to the same period in 2010.