The Hong Kong-listed firm recorded net profit of $138.64m in 2011, a jump of 49.8% from $92.54m in the previous year. Revenue also rose to $1.82bn from $1.37bn.
Singamas noted faltering global consumer confidence in the second half of 2011 primarily due to the Eurozone debt crisis, making container owners wary of over-stocking in case of a downturn.
“Despite this, though, global trading statistics indicate a relatively healthy situation and bode well for the coming year,” the company said. Singamas explained that the current slot ratio around 1.5-1.6 times is low compared with normal levels of 2 times, which means that containers are subject to unusually high utilisation rate.
It added that the super slow steaming adopted by the shipping companies is expected to continue due to high bunker cost.
“With the prevailing weaker global confidence in the air, we are cautiously optimistic about 2012, expecting to see a quiet first half followed by an improved business environment in the second half,” it said.
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