Intra-Asia SITC's 9-month revenues up 6.48pc to US$1.13 billion
HONG KONG's intra-Asia container carrier SITC revenues increased 6
HONG KONG's intra-Asia container carrier SITC revenues increased 6.48 per cent in the first nine months on 2019 to US$1.13 billion, the company revealed in a filing with the Hong Kong stock exchange.
Despite a global trade slowdown and the China-US trade war SITC's container revenues and volumes have both increased.
The company reported that box volumes from its ocean shipping and logistics businesses stood at just over 1.8 million TEU for the period, up 3.6 per cent year on year.
SITC's average freight rates from container shipping and supporting logistics businesses stood at US$537 per TEU from January to September, up 2.19 per cent.Said Smartkarma analyst Osbert Tang. 'This is the lowest quarterly growth pace in SITC's average freight rate in the last 10 quarters.'.
But Mr Tang views SITC's freight rate, volume performance and quarterly growth rate as displaying 'a healthy momentum amid the slowdown in global economies and the US-China trade war.
He said SITC's focus on the intra-Asia trade has helped it to shelter from China's contracting trade value.'