Samudera sales up 14pc as $6 million profit eclipses $4 million loss

SINGAPORE`s intra-Asian specialist Samudera Shipping Line has posted a third quarter net profit of US$6.3 million up from a year-on-year net loss of $4 million.

While the Indonesian-owned carrier had returned to profitability in the previous quarter, it was still its best quarterly performance since 2008.



Third quarter revenue increased 14 per cent year on year to $97.2 million and the first nine months recorded a net profit rose to $5.5 million against a loss of $4.9 million last year.


Better results were attributed to an improved container trade environment, with increased utilisation levels and rising freight levels contributing to the positive operating margin of 7.3 per cent.


It was the Indonesia-owned carrier`s best quarterly performance since 2008. Despite better times, the company warned of "nagging supply issues such as newbuildings on order and idle containership capacity, a container market that continues to be in a delicate position."


Samudera also looked bleakly at the end of another peak season seeing a near-term slowdown ahead and a decline in Asia-Europe rates. More cheerfully, it said: "The decline is expected to be limited as shipping lines are now more disciplined following the shipping crisis in 2009."