SITC International, a container shipping company specialising in intra-Asia trade, has reported a profit of about $1bn for 2024, marking a 92.9% increase from the previous year.

Full-year revenue rose to approximately $3.1bn, representing a 25.9% year-on-year growth.

The company attributed this growth to higher container shipping volumes and increased freight rates.

Liftings rose 10.7% year on year to 3.6m. Meanwhile, the average freight rate, excluding slot exchange fee income, increased 15.7% to $721.1 per teu.

“In 2024, the Red Sea crisis and port congestion reduced effective container shipping capacity, while economic recovery, industrial migration, and inventory strategy adjustments drove cargo demand. The improvement in supply-demand dynamics and rising overall costs contributed to industry revenue growth,” SITC stated.

By the end of 2024, SITC maintained an extensive network across Asia, operating 78 trade lanes — 16 through joint services and 24 via container slot exchange arrangements.

At of end of December last year, the company operated a fleet of 114 vessels with a total capacity of 180,255 teu, comprising 100 self-owned and 14 chartered ships, with an average age of 8.4 years.

Looking ahead to 2025, SITC warned of continued industry uncertainties.

“As disruptive factors gradually normalise, it will lead to overall overcapacity in the future,” it said, adding customer loyalty, operational efficiency and cost control will be key to sustaining profitability.

An analyst from Hong Kong-based CASH Algo Finance told Lloyd’s List that US President Donald Trump’s tariff policies could disrupt global trade flows, tightening supply-demand conditions in Southeast Asia’s shipping market and keeping freight rates elevated.

Meanwhile, Southeast Asia has emerged as a key growth hub for mainland China’s cross-border e-commerce, further fuelling expansion in the intra-Asia logistics sector, the analyst added.