SITC reports 44.5% revenue decline in H1
Chinese shipping logistics service provider SITC International posted a revenue of $2.26 billion for the first half of this year, a decrease of approximately 44.5% as compared to the corresponding period in 2022, according to Seatrade Maritime.
Gross profit for the six months ended 30 June dropped by approximately 72.4% from $1.2 billion.
The decrease in performance was a result of a combined effect, where container shipping volume dropped by approximately 3.8% in the first half and the average freight rate fell by approximately 46.1%.
Since the beginning of this year, the container shipping and logistics market has faced the dual pressure from a substantial increase in effective shipping capacity and a sharp decline in demand caused by the economic cycle, and the industry has gradually fallen into a downturn, said SITC.
As the end of June, SITC operated 72 trade lanes and a fleet of 100 vessels with a total capacity of 159,505TEU, comprising 89 owned and 11 chartered vessels, with an average age of 8 years.
