SITC Sells off the Entire Bulk Carrier Fleet and Exits the Dry Bulk Segment

The Hong Kong-based SITC International Holdings has sold off its entire bulk carrier fleet and exited the dry bulk segment. The company aims to move its focus to its primary container shipping business.

The last two remaining bulk carriers in SITC’s fleet were sold off in late April to the Dry bulk carrier operator Viet Thuan Transport and are to be delivered. These vessels, SITC ZHOUSHAN and SITC LUSHAN, fetched a price of $ 22mn each. Other dry bulkers in SITC’s fleet were already sold off earlier. The SITC HUANGSHAN was sold in November 2021 for $ 22mn and the SITC TAISHAN was sold off in February 2022 for $ 18.25mn.

An increasing number of ship owners are gravitating towards the second-hand market for acquiring vessels. It is no surprise as the costs for newbuilds are increasing and the delivery times are lengthening. This is due to the increasing cost of steel, uncertainty around the fuels, installation of new technologies for sustainability on new vessels, and inflationary pressures on the shipyards.

SITC itself has several box ships on order, ranging from the 1,800 TEU to the 2700 TEU at the Chinese shipbuilder; Yangzijiang, and the South Korean Shipbuilder; Dae Sun Shipbuilding and Engineering Co. Ltd. These newbuilds are to be delivered from mid-2022 to late 2024 and are to replace the older vessels and chartered vessels of SITC gradually.

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