Samudera Shipping stays in the black in Q3

Regional container carrier Samudera Shipping Line has continued to stay in the black with a third quarter profit of $5.21m as against a loss of $239,000 in the same period a year ago.

The gain followed a second quarter profit of $4.21m which was also a reversal from a loss of $3.63m in the second quarter of 2013.

Revenue in the third quarter ended 30 September 2014 declined 9.5% year-on-year to $88.19m. The group has continued its rationalisation strategy by reducing non-profitable routes and disposing of underperforming assets in order to improve profitability.

“The group expects competition in the container shipping market to remain challenging. While bunker prices and charter-in rates have softened, they are likely to remain volatile in the near term,” Samudera Shipping commented.

“For the non-container shipping segment, the group will continue to focus on optimising the operational efficiency of the business and maximising the utilisation of its fleet,” it added.

Posted 24 October 2014

© Copyright 2019 Seatrade (UBM (UK) Ltd). Replication or redistribution in whole or in part is expressly prohibited without the prior written consent of Seatrade.

Lee Hong Liang

Asia Correspondent

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