Shipping $ Series: SITC shareholders in line for bumper payout

Hong Kong-headquartered intra-Asia carrier SITC has seen its share price hit record highs in recent days after its board last week voted to approve a special dividend, returning some HK$5.4bn (US$688m) to shareholders.

According to the CapitalIQ platform, 49.1% of SITC’s stock is freely floated on the HKSE, amounting to 2.71bn shares, with the remaining 51.9% held by a British Virgin Islands company.

Its share price closed on Monday at HK$47.9, just shy of the record HK$52 seen on 13 October, shortly after the special dividend was first proposed.

It is further sign that investors in shipping stocks are having bumper year, in what Loadstar Premium’s DeskOne has labelled the “Shipping $ Series”, a moniker prompted by a similar “extraordinary special dividend” issued earlier this month by non-operating shipowner Danaos.

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