Chinese shipping logistics company SITC International Holdings Co. Ltd. increased its revenue to $884 million for the nine months ended September 30, 2012, from $771 million for the same period last year, but its profits declined to $70 million from $77 million as fuel costs and other expenses rose, Ship & Bunker reports.
The company said its cost of sales after inter-segment elimination increased by 15.2 percent, mainly due to an increase in shipping volume and rising costs of sales, including bunker costs.
SITC, which focuses on the intra-Asia market, said its sea freight logistics shipping volume was 1.3 million twenty-foot equivalent units (TEU), an increase of 16.7 percent over the same nine months last year, but the average freight rate decreased by 0.7 percent to $542 per TEU.
According to its website, SITC operates 54 vessels and covers 45 major ports and 50 trade lanes.
Research firm CIMB Research recently chose SITC as one of its top picks in the shipping sector, arguing that the company has benefited from relative stability in the intra-Asia market, according to Malaysian news site The Star Online.
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