• ITVI.USA
    12,510.570
    -28.180
    -0.2%
  • OTLT.USA
    2.857
    -0.021
    -0.7%
  • OTRI.USA
    8.520
    0.050
    0.6%
  • OTVI.USA
    12,556.130
    -24.190
    -0.2%
  • TSTOPVRPM.DALLAX
    1.800
    -0.040
    -2.2%
  • TSTOPVRPM.CHIATL
    2.390
    -0.270
    -10.2%
  • TSTOPVRPM.LAXDAL
    2.160
    -0.030
    -1.4%
  • TSTOPVRPM.LAXSEA
    2.880
    -0.060
    -2%
  • TSTOPVRPM.ATLPHL
    2.780
    -0.050
    -1.8%
  • TSTOPVRPM.PHLCHI
    1.990
    -0.020
    -1%
  • WAIT.USA
    125.000
    6.000
    5%
  • ITVI.USA
    12,510.570
    -28.180
    -0.2%
  • OTLT.USA
    2.857
    -0.021
    -0.7%
  • OTRI.USA
    8.520
    0.050
    0.6%
  • OTVI.USA
    12,556.130
    -24.190
    -0.2%
  • TSTOPVRPM.DALLAX
    1.800
    -0.040
    -2.2%
  • TSTOPVRPM.CHIATL
    2.390
    -0.270
    -10.2%
  • TSTOPVRPM.LAXDAL
    2.160
    -0.030
    -1.4%
  • TSTOPVRPM.LAXSEA
    2.880
    -0.060
    -2%
  • TSTOPVRPM.ATLPHL
    2.780
    -0.050
    -1.8%
  • TSTOPVRPM.PHLCHI
    1.990
    -0.020
    -1%
  • WAIT.USA
    125.000
    6.000
    5%
American Shipper

Samudera’s first half profit up 31%

Samudera’s first half profit up 31%

Samudera Shipping Line reported a 30.5 percent rise in first half net income to S$13.6 million ($9 million), up from S$10.4 million last year, following an improved foreign exchange rate and lower costs.

   The Singapore-based company benefited from a foreign exchange gain of S$300,000 ($1 million), compared to a foreign exchange loss of S$6.8 million reported in the same period last year. Operating costs for the period declined 19.9 percent to S$251.2 million ($165 million), mainly due to lower stevedoring, commission, charter-hire, bunker expenses and port charges arising primarily from the discontinuation of the loss-making China-India-Middle East Express (CIX) service and reduction in number of vessels deployed on the China-India Service (CSI), from three to one.

   As a result of the service cuts, Samudera’s container volume for the six months dropped 4.4 percent to 694,400 TEUs.

   First half revenue from container shipping slumped 23.1 percent to S$240.9 million ($158 million) on the lower volumes, a weaker U.S. dollar, and a fall in overall average freight rates. A 32.9 percent hike in revenue from Samudera’s industrial shipping business –S$31.5 million ($21 million) — softened the group revenue drop to 18.5 percent at S$278.3 million ($182 million).