Net profit for last year came up to $14.28m as against a loss of $2.19m in 2013. The gain was aided by a 13% decline in the cost of services to $332.47m from $381.97m, largely attributable to the renewal of expiring long term charter-in contracts at lower rates during the financial year.
The shipowner also took steps to rationalise its network, dispose of poor performing vessels and exit poor performing services.
Revenue for 2014, however, dropped by 6.9% to $364.15m from $391.18m.
Looking ahead, Samudera Shipping expects operating conditions to remain challenging.
“In container shipping, freight rates are likely to remain under pressure. The bulk trade is adversely affected by an oversupply situation and charter rate for bulk carriers will be affected,” the company commented.
“The tanker business, on the other hand, should remain stable as the group’s vessels remain gainfully employed,” it added.
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