The regional shipping firm, which saw its bottomline hit in the second quarter, has rationalised both capacity and services in a bid to be more competitive.
The company said it plans to rationalise its charter capacity upon the expiry of charter hire contracts where commercially feasible, and explore new areas with less intense competition and push for freight improvement.
“In the Indonesian container shipping segment, the introduction of new capacity by competitors is likely to continue to have a negative impact on freight rates,” Samudera said.
It also noted that while demand in Indonesia's container shipping business was relatively healthy with its container volume handled rising 1.1% to 45,900 teu in the second quarter, the introduction of new capacity by competitors vying for a market share “intensified competition and adversely affected freight rates.”
The company sank into the red in the second quarter with a loss of $3.63m as against a profit of $7.41m in the same period of 2012. Revenue dipped 19.1% year-on-year to $104.82m.
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