On August 25, TS Lines released its unaudited results for the first half of 2025. During the reporting period, TS Lines leveraged flexible market strategies and advantages of its young fleet to demonstrate strong competitiveness amid overall market volatility, presenting a sustainable growth trend characterized by high growth, high profitability, and low debt levels.

Specifically, in the first half of 2025, TS Lines achieved operating revenue of approximately $640 million, representing a year-over-year increase of about 18.7%; gross profit reached $130 million, up 170.1% year-over-year; net profit for the first half reached $190 million, up 219.8% year-over-year, with earnings per share of approximately $0.113. The gross margin for the first half reached 19.8%, while the net profit margin reached 29.4%.

In the first half of 2025, TS Lines' container volume reached 818,000 TEU, slightly lower than the same period last year; while the average freight rate per container reached $715, up approximately 17.6% year-over-year.

As one of the most dynamic shipping companies in the Asia-Pacific region, TS Lines operated 49 routes as of the end of June 2025, including 11 self-operated routes, 24 joint-operated routes, 11 slot exchange routes, and 3 slot purchase routes, with its route network covering major Asian trade markets.

TS Lines stated that the 18.7% year-over-year revenue growth in the first half of 2025 was mainly attributable to strong performance from Southeast Asia and Northeast Asia routes, with average container rates on both routes significantly improving to $611 and $514 respectively.

TS Lines continues to focus on core Asian regional markets while actively expanding long-haul routes to optimize revenue structure and enhance overall profitability. Meanwhile, TS Lines is also actively expanding medium to long-haul and deep-sea markets. Revenue from Asia-Indian Subcontinent routes increased significantly compared to the same period last year, maintaining high unit prices and high value-added characteristics.

On the other hand, TS Lines continues to expand trans-Pacific routes. In addition to existing Asia-US West Coast routes, it launched a new Asia-Mexico route starting in April 2025, further extending into Latin American main markets. During the reporting period, trans-Pacific routes collectively completed 36,270 TEU with revenue reaching $53.8 million and an average container rate of $1,484, reflecting the high unit price advantages and long-haul potential of this segment, helping TS Lines strengthen its deep-sea market positioning and revenue structure.

Overall, through route structure adjustments and slot allocation optimization, TS Lines achieved continuous revenue growth while maintaining stable capacity and steadily expanding medium to long-haul route deployment.

Looking ahead to the second half of the year, TS Lines will continue to enhance route operational efficiency and unit revenue performance, deepen core market operations, while closely monitoring global trade trends and geopolitical risk changes, steadily advancing overall operations and sustainable development strategies.

**Brief Horizontal Comparison of H1 Performance**

After simple analysis and comparison of SITC International Holdings and Regional Container Lines' (RCL) first half 2025 performance, it was found that in terms of revenue growth alone, RCL had the highest increase at 39.1%, followed closely by SITC International with a 28.0% increase.

Meanwhile, in the first half of 2025, SITC International's gross margin reached 40.2%, while TS Lines' gross margin was 19.8%. In terms of operating profit margin, TS Lines led with 29.6% compared to RCL's 23.2%. Regarding net profit margin alone, SITC International led with 38.0%, followed by TS Lines' 29.4%.

Particularly noteworthy is that in terms of net profit growth rate, TS Lines' net profit grew 219.8% year-over-year in the first half of 2025, leading all peers; RCL followed closely with 148.3% year-over-year growth.

In summary, in the first half of 2025, with changes in global trade patterns and increasingly frequent inter-regional trade, demand for flexible and efficient small container vessels has grown vigorously. Liner companies focusing on intra-Asian regional markets all achieved impressive performance, with SITC International, TS Lines, and RCL being typical representatives.

According to the latest Alphaliner data, among the global top 100 liner companies by capacity, TS Lines ranks 20th globally, operating 40 vessels including 35 owned vessels and 5 chartered vessels, with total capacity reaching 106,252 TEU. Additionally, TS Lines holds 11 newbuilding orders with total capacity of 87,984 TEU.