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Samudera forecasts slow upturn for box shipping

Samudera forecasts slow upturn for box shipping

Jakarta: Intra-Asia and feeder container line Samudera Shipping Line is predicting a slow recovery for the box shipping market in 2010. "Although the level of global trade activity has seen an improvement and there have been a number of cancellations on newbuilding orders, the existing idle containership capacity in the industry will continue to be an issue," Samudera said in its annual results statement. "The group expects operating conditions in 2010 to continue to be challenging, and any recovery in the industry should at best be slow," Samudera said. Samudera reported a next loss of $8.8m for 2009 compared to a $26.7m profit in the previous year. The company handled 1.26m teu last year down 16.5% on 2008. The Singapore-listed company expects to benefit from lower charter rates this year, but some of these gains could be offset by higher bunker prices. Samudera forecast its domestic Indonesian shipping business would remain stable and it would for opportunities to expand in this market. [26/02/10]

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