Bani Maulana Mulia, President Director of PT Samudera Indonesia Tbk (SMDR), acknowledged that freight rates are currently under pressure due to an oversupply of vessels in the global market. However, he remains confident that the shipping industry will continue to generate profits, provided companies implement the right strategies, including optimizing potential routes. Bani also pointed to Indonesia’s robust national economic growth as a supporting factor for the shipping business.
The global shipping market is currently facing an oversupply of vessels, which is creating downward pressure on freight rates—traditionally a key revenue source for shipping companies. Bani noted that new vessels are entering the global market nearly every week, contributing to a surge in capacity. This, in turn, has the potential to disrupt the balance of supply and demand.
“If demand growth doesn’t match the increase in supply, freight rates will certainly face pressure,” Bani explained during a recent public expose.
He further added that the addition of new transport capacity will continue until 2027, citing that current orders for container ships are fully booked until that year. As a result, the global shipping market faces long-term challenges from market oversupply.
“This is the reality we face, so we need to focus on growth to balance supply and demand,” he said. “This way, God willing, the company can continue to achieve business and revenue growth.”
Despite the global oversupply, Bani emphasized that not all shipping routes or regions are affected equally, and healthy opportunities still exist. Freight rates can vary significantly depending on the route.
“On some routes, freight rates are actually higher than last year. However, there are other routes where rates are lower. The key is identifying and optimizing the best-performing routes,” he explained.
Thus, while SMDR faces a challenging global shipping environment, Bani is optimistic about finding profitable opportunities amidst the oversupply. He also pointed out that the dynamics of the shipping market are unpredictable, particularly given the unforeseen geopolitical factors that have affected trade routes this year.
“We are experiencing pressure on freight rates at the end of this year. For example, when we compare our freight rates from Q3 to Q4 2024, they are lower in the final quarter,” Bani noted. However, he emphasized that the impact of weakening freight rates might be delayed, with some effects reflected in the company’s future income.
“Some effects are immediate, while others are lagging,” he said.
Despite these challenges, Bani expressed optimism that SMDR will meet or exceed its performance targets for the year. In fact, he stated that the company’s achievements in Q3 2024 had already surpassed expectations. “The current results are better than we had predicted,” he added.
Another positive factor is the strong economic growth in Indonesia. Bani sees this as a key driver for SMDR’s future prospects. “We operate in a country with a healthy economy and high growth potential, so there are still many opportunities for the company to tap into in Indonesia, which can maximize growth,” he concluded.
Samudera Booked Net Profit US$ 41.34m Until Q3 2024
For the first nine months of 2024 (January–September), Samudera Indonesia recorded a net profit of US$ 41.34 million. This figure represents a decrease compared to the US$ 63.62 million reported during the same period in 2023.
However, the company posted a strong performance in the third quarter of 2024, with a net profit of IDR 257 billion, reflecting a 22.9% increase from the IDR 209 billion recorded in Q3 2023.
In terms of service revenue, SMDR earned US$ 529.49 million during the first three quarters of 2024, down from US$ 570.12 million in the same period of 2023. Service costs also decreased, totaling US$ 420.31 million in the first nine months of 2024, compared to US$ 452.25 million in 2023.
The company’s earnings per share (EPS) stood at US$ 0.003 as of September 30, 2024, relatively stable compared to US$ 0.004 during the same period in 2023.
In the stock market, a total of 44.97 million shares of Samudera Indonesia were traded, with a transaction value of IDR 15.51 billion. Notably, foreign investors were active, contributing a net buy of IDR 1.61 billion, while BCA Sekuritas recorded a net buy of IDR 2.1 billion.