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Samudera reveals up to $3m exposure to Hanjin Shipping

Samudera reveals up to $3m exposure to Hanjin Shipping
Indonesia’s Samudera Shipping Line has revealed an exposure of up to $3m to beleanguered Hanjin Shipping, but maintained that the exposure will not have a serious impact on its financials.

The Singapore-listed shipowner announced to the stock exchange late on Tuesday that it has existing slot exchange arrangements with Hanjin Shipping for various services such as the Yangon, Chittagong, Surabaya, Bangkok and others.

“At present, the net exposure is estimated to be in the range $2.5m to $3m, which, while material to the group’s performance for the current financial year, will not affect the overall financial standing of the group,” Samudera said.

“The group continues to operate on sound fundamentals with a strong balance sheet and adequate cash position,” the company added.

In the second 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.

Samudera pointed out that it is “proactively looking for replacement cargo on the affected sectors and will undertake the realignment of service routes, if necessary, to mitigate the impact going forward.”

South Korea’s Hanjin Shipping has declared bankruptcy in the wake of the protracted global slump of container shipping, sending shockwaves through the industry and the supply chain.

Read all the background to the Hanjin Shipping bankruptcy on our timeline.