Uni-Asia improves Q3 profit, eyes fleet expansion

Net profit in the quarter ended 30 September 2013 rose 19% year-on-year to $2.49m while revenue fell 13% to $18.68m, the Singapore-listed firm announced on Wednesday.

The group has identified the shipping sector as its main segment of growth as it believes that the current weak environment in the global shipping industry is conducive for asset acquisition.

Uni-Asia has placed newbuilding orders to enlarge its fleet during the period, and hopes that the vessel deliveries will coincide with the turn of the shipping industry.

“In addition to expanding our fleet of vessels, we have also strengthened our position as an integrated service provider through the 51% acquisition of Wealth Ocean Ship Management Shanghai Co, which greatly expands the scope of our ship related services and income opportunities,”said Kazuhiko Yoshida, chairman and ceo of Uni-Asia.

“As we pursue further growth from shipping operations, we recognize the potential contribution that other segments, such as residential property development and hotel operations, can make towards our profitability,” he added.

Uni-Asia currently has a fleet portfolio comprising mostly of handysizes through wholly-owned, majority-owned, joint investments and shipping fund.

In June this year, Uni-Asia took delivery of one 37,000-dwt handysize delivered by Japan's Onomichi Dockyard. The company has three more similar handysize newbuildings in the pipeline to be delivered by Imabari Shipbuilding Group between 2014 to 2016.

Michio Tanamoto, executive director and coo of Uni-Asia, told Seatrade Global earlier that the group will focus on the handysize market, and it expects to acquire a few more handysizes in the near future to bolster its fleet strength.