SITC orders four 1,100-TEU ships from Yangfan Shanghai

HONG KONG-listed but Shanghai-based SITC International has signed orders for four 1,100-TEU ships from Yangfan Group of Shanghai for US$72.4 million.

SITC, which listed Hong Kong last month, has placed a total of seven containership orders amounting to $129.7 million, financed in part by a global offering.

The company has also signed contracts with the Korea's Dae Sun Shipbuilding & Engineering Co on November 17 to construct three container vessels for $57.30 million.

On the top of these, SITC has also entered into contracts that offer it options to build four additional 1,100-TEU-class gearless container vessels of 11,850 tons deadweight for $72.4 million.

"There is huge and rapidly growing demand for shipping logistics services in Asia. SITC International has been adopting a strategic perspective in its business development planning, enabling us to time the expansion and composition optimisation moves for our fleet, strengthen and expand our intra-Asia service network, as well as enhance our service capabilities," said SITC chairman and executive director Mr Yang Shaopeng.

"The four container vessels we commissioned represent one of the steps we made in expanding our self-owned fleet. Our goal is to expand the size of our fleet to 60 vessels within the next three years from the current 42, and to 80 in five years."

"We will continue to expand our intra-Asia service network and replicate our integrated services model within our network."
(Source:www.schednet.com)