SHANGHAI's SITC International Holdings, the fourth largest intra-Asia private operator, has reported net profits of US$25 million in the first quarter of 2011, an increase of seven per cent year on year drawn on revenues of $243 million.
During its first quarter the company's container volume grew to 347,467 TEU, a 11.9 per cent increase compared to same quarter 2010 attributed to the increased freight rates 12 per cent to $542 per TEU and burgeoning volumes on the intra-Asia trades.
The company has two 1,100-TEU ships on order from China's Yangfan Group for delivery next June at a cost of $36.2 million with an option for additional six vessels before June 30, September 30 and December 31.
"The construction will enable the company to expand its self-owned fleet of container vessels to meet the increase in demand for the company's services," said the company," said a company statement.