SITC

SITC to report significant financial growth amid higher box volumes

Hong Kong-based box line SITC has issued a positive profit alert for 2024, according to preliminary figures.

The unaudited profit attributable to the company’s shareholders is expected to be between US$1 and US$1.03 billion. This is translating to a growth of between 87-92% compared to the previous year.

At the same time, the annual container volume of the ocean carrier is expected to be approximately 3.56 million TEUs, representing an increase of 10.6% year-on-year, with the average freight rate...

https://container-news.com/sitc-financial-growth-higher-box-volumes/

Stock Market Moves: Weekly Performance of Major Ocean Carriers

The container shipping industry experienced a dynamic week, shaped by macroeconomic trends, geopolitical events, and trade dynamics. Volatility in fuel prices, shifts in demand patterns, and global supply chain adjustments all played significant roles in influencing the stock prices of major players.

While some companies faced declining stock values, others demonstrated resilience, reflecting their strategic positioning and operational strengths. Here’s a breakdown of the highlights and...

https://container-news.com/container-shipping-stock-market/

Weekly Market Review: Container Shipping Stocks

The container shipping sector faced a turbulent week, with most major players witnessing a decline in their stock prices. This downturn could be indicative of broader economic concerns, shifts in global trade patterns, or specific challenges within the shipping industry itself.

Let’s delve into the performance of each company:

  • SITC International Holdings Co Ltd (1308)

SITC International Holdings Co Ltd experienced a notable decline over the week, starting at 21.5 HK$ and ending at 19.84 HK$....

https://container-news.com/weekly-market-review-container-shipping-stocks/

Stock Price Movements in Major Container Shipping Companies

The global container shipping industry experienced a mix of volatility and stability in terms of stock prices this week, reflecting the interplay of seasonal demand, economic dynamics, and geopolitical developments.

As the year-end holiday season approaches, market activities have been influenced by Christmas trade, economic reports, and lingering concerns about global trade.

Here’s a detailed overview of the stock performance of several major players in the shipping industry during the week.

  • SITC...

https://container-news.com/stock-price-movements-in-major-container-shipping-companies/

Weekly Highlights of Container Shipping Companies Stocks

The container shipping sector experienced a dynamic week marked by fluctuations in stock prices, reflecting broader economic trends, trade dynamics, and geopolitical developments.

Amid concerns about global trade demand and cost pressures, the sector showed mixed performances, with certain players defying the general downtrend. Below is an analysis of key players in the container shipping industry over the past week.

  • SITC International Holdings Co. Ltd (1308)

HK$

SITC’s stock displayed a...

https://container-news.com/weekly-highlights-of-container-shipping-companies-stocks/

New China-Philippines service calls at Mindanao Container Terminal

The Philippines’ Mindanao Container Terminal (MCT), operated by International Container Terminal Services Inc. (ICTSI), recently received the inaugural call of SITC’s new China-Philippines Express 7 (CXP7) service.

This new service addresses the growing export volume of fresh produce such as pineapples and bananas from Bukidnon, offering exporters in Mindanao a transportation solution, and improving connectivity to markets in China.

“SITC’s new service is designed to meet the growing demand for...

https://container-news.com/new-china-philippines-service-calls-at-mindanao-container-terminal/

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/

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