In the quarter ended 30 June 2016, Samudera recorded a profit attributable to owners of $1.84m, down 40.9% from the gain of $3.11m in the same period of 2015.
Revenue for the quarter also plunged by 18.5% year-on-year to $66.29m due to subdued activities for the company’s container shipping, bulk and tanker business segments.
“Freight rates continue to be under pressure due to the oversupply situation,” Singapore-listed Samudera said.
“The tanker business is expected to remain relatively stable. However, with the demand for bulk shipping services lagging the market supply, operating conditions for this business are expected to remain challenging,” the company said.
“The group adopts a prudent approach in the management of its fleet, and will monitor the market for the right time to dispose of underperforming or aging vessels.”
Samudera had disposed of four tankers since December 2015, plus the drydocking of two supramax bulkers during the second quarter of this year.
“In the meantime, the group continues to actively identify ways to maintain its competitiveness and strengthen its position in regional waters by seeking out opportunities to work with regional and domestic operators to expand its network,” Samudera said.
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