Samudera’s Container Unit Revenue Up, Bulk and Tanker Down

Damas Jati - 01/11/2017, 10:53

Samudera shipping container business unit experienced an 18% revenue increase in third quarter (Q3) 2017, thanks to the volume rise and higher freight rate. But, on the other hand, its bulk and tanker business decreased by 14%, the company report said.


Overall, this Singapore public listed company, enjoyed a 14% revenue increase, to $69.7 million, from $61 million last year (2016).


Samudera saw third quarter container volume rise 2.3 per cent year on year to 279,000 TEU on 18 per cent higher revenue from its box shipping segment at US$61.5 million due to higher freight rates.

The improved performance enabled the group to earn a third quarter net profit of US$483,000, reversing a loss of $3.79 million for the same period a year earlier. 

Overall, Samudera posted a 14 per cent year-on-year increase in revenue to $69.7 million, mainly on the back of higher revenue contribution from its container shipping business. 

The bulk and tanker business, however, saw third quarter revenue decrease by 14 per cent year on year to $6.7 million, as the group operated a comparatively smaller tanker fleet this year. 

Commenting on the market, Samudera said: "The excess capacity that has previously hampered industry recovery is expected to remain.

In addition, consolidation among our customers, namely the main line carriers in the container shipping business is expected to change market dynamics." 

Warning of a challenging market ahead Samudera said: "With the uptrend in oil prices compounding the situation, the group anticipates market conditions to be challenging."

Looking ahead, Samudera said it would "continue to focus on efforts to maintain a competitive footing in regional waters" and also "work on fortifying itself for the challenges ahead, through the optimisation of asset utilisation and operational efficiency."