SITC

SITC and Xiamen Port Holding Group sign cooperation deal

SITC entered into a strategic cooperation framework agreement with Xiamen Port Holding Group on 10 January, marking a significant milestone in their collaboration.

During the signing ceremony, Yang Xianxiang, vice chairman of the Board of Directors and CEO of SITC, expressed gratitude to Xiamen Port Holding Group for its support and high-quality services.

According to a statement, SITC plans to leverage its strengths in logistics, supply chain, and intelligence to contribute to the enhancement of...

https://container-news.com/sitc-and-xiamen-port-holding-group-sign-cooperation-deal/

VSC expands service network to South Korea, Vietnam, and China

Vostochnaya Stevedoring Company (VSC), part of the Global Ports Group, located in the port of Vostochny in Primorsky Krai, Russia, has announced the launch of a new regular container service operated by SITC shipping line.

SITC launched the service from VSC to South Korea, China, and Vietnam at the end of July 2022. The first vessel handled at the VSC terminal was SITC Inchon with a capacity of 1,032 TEU.

Ports of rotation include Busan in South Korea, Tianjin Xingang, Qingdao, Lianyungang,...

https://container-news.com/vsc-expands-service-network-to-south-korea-vietnam-and-china/

SITC exits dry bulk segment after selling off its entire fleet

SITC International Holdings has completed the sell-off of its entire bulk carrier fleet. The Hong Kong-based SITC, the parent company of intra-Asia box carrier SITC Container Lines, marks its exit from the dry bulk segment as the group wants to focus on its core container shipping business.

The online valuation and shipping data provider, VesselsValue report that SITC’s last two bulk carriers, SITC Zhoushan and SITC Lushan, were sold for US$22 million each to Vietnamese dry bulk carrier operator...

https://container-news.com/sitc-exits-dry-bulk-segment-after-selling-off-its-entire-fleet/

Dae Sun receives US$32 million in new capital to secure boxship orderbook

South Korean shipbuilder Dae Sun Shipbuilding & Engineering has received a capital injection of over US$32 million from its new owner Dongil Steel and a new investor, BNK Financial Group, to ensure that it can complete its massive container ship orderbook.

Dae Sun emerged from debt restructuring after a majority stake was acquired by Dongil Steel in December 2020 and there were concerns that its weak financial structure would affect its orderbook, although the Export-Import Bank of Korea, the...

https://container-news.com/dae-sun-receives-us32-million-in-new-capital-to-secure-boxship-orderbook/

SITC Linked to Orders for Eight Boxships At Yangzijiang

Chinese boxship operator SITC has been linked to orders for eight boxships at compatriot shipyard Yangzijiang Shipbuilding, reports Splash247.

About Announcement

Yangzijiang recently announced new ship orders for 31 ships including four 2,600 teu boxships and four 1,800 teu boxships.

Latest Orders

Multiple shipbroking houses including Clarksons, Intermodal and Lorentzen & Stemoco have identified SITC as the owner behind the order. The latest orders are options declared by SITC under two newbuilding...

https://mfame.guru/sitc-linked-to-orders-for-eight-boxships-at-yangzijiang/

Major SITC feeder ship order bouys Yangzijiang

Intra-Asia carrier group SITC International Holdings has placed firm orders for six 1,800TEU feeder vessels from two subsidiary yards of China’s Yangzijiang Shipbuilding. The contract carries options for six more ships.

The company announced on 31 August that its subsidiary, SITC Shipowning had posted the US$126 million six-ship order.

Construction of the newbuildings will be split between Jiangsu New Yangzi Shipbuilding and Jiangsu Yangzijiang Shipbuilding.

SITC is the second customer to order...

https://container-news.com/major-sitc-feeder-ship-order-bouys-yangzijiang/

Joining an industry trend, SITC reports H1 profits up on lower fuel costs

SITC International, the holding company of Chinese intra-Asia carrier SITC Container Lines, said that net profit for the first half of 2020 was up 10% year-on-year, to US$119.64 million, as reduced bunker costs mitigated a drop in cargo volumes and freight revenue.

SITC said that its H1 revenue generated by its container shipping and logistics business decreased by approximately 0.2% from approximately US$732 million.

The group’s container shipping and supporting logistics business generated...

https://container-news.com/joining-an-industry-trend-sitc-reports-h1-profits-up-on-lower-fuel-costs/

SITC eyes intra-Asia growth with fleet expansion

Hong Kong-based intra-Asia carrier SITC Container Lines has expanded its fleet as it targets the lucrative intra-Asia market which it says will grow.

While long-haul container shipping has been affected by the Covid-19 pandemic in Europe, intra-Asia volumes have been holding up, said the carrier.

An SITC official told Container News that the company is optimistic about the intra-Asia market, with growing volumes out of Vietnam and the Belt and Road initiative resulting in increasing cargo flows....

https://container-news.com/sitc-eyes-intra-asia-growth-with-fleet-expansion/

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