SITC exercises options for two boxships at Huanghai Shipbuilding
The two 1,800 teu units will be delivered by June and August of 2027
SITC ordered four container vessels at Huanghai Shipbuilding in June
SITC International, a container shipping company specialising in intra-Asia trade, has exercised options for two 1,800 teu containerships at Huanghai Shipbuilding.
The two newbuildings, each with a price tag of nearly $29m, are scheduled for delivery by the end of June and August of 2027, respectively, as stated in a filing by the Hong Kong-listed company.
In June, SITC signed a contract with the Weihai-based shipbuilder for the construction of four container vessels for a total of $115.9m, along with an option for six additional units.
By the end of June, SITC operated 108 container vessels, of which 99 were owned, serving 78 trade lanes and calling at 84 ports across Asia.
The intra-Asia specialist carrier ranks 14th globally, with a combined capacity of 182,429 teu, according to Alphaliner.
During the first half of this year, the company’s profits grew by 12.8% to $352.8m, rebounding from a 72.5% year-on-year profit decline in 2023 to only $5.4m.
Following last year’s profit slump — which the company attributed to economic and trade downturns, inventory cycle adjustments, increased capacity deliveries, and industry competition — it appointed the former chief executive Yang Xianxiang as the new chairman in March, succeeding his retired predecessor.