Samudra Containership Rationalisation Hits Revenues

By George Backwell
Thursday, July 24, 2014
Samudra containership: Image courtesy of Samudra

Diversified Singapore-based containership owners Samudra Group reports registered revenue of USD 96.9 million for the second quarter ended 30 June 2014, a 7.6% decline from USD 104.8 million in the previous corresponding quarter, which they say is in line with the Group’s rationalisation of its services and disposal of underperforming vessels. Excerpts from the report follow:

Revenue for the container shipping business fell 7.3% to USD82.0 million in 2Q14, from USD88.4 million in 2Q13 as a result of rationalization of services on Indonesia domestic routes. Container volume handled increased by 6.5% to 342,400 TEUs in 2Q14, compared to 321,500 TEUs in 2Q13 due to improvement in the regional routes.

The non-container shipping business recorded a 9.3% decline in revenue to USD14.9 million in 2Q14, compared to USD16.5 million a year ago. This took into account the smaller operating fleet following the disposal of underperforming and relatively old vessels – a chemical tanker and an oil barge unit in December 2013 and another chemical tanker in March 2014.

The Group’s cost of services fell 14.3% to USD89.3 million in 2Q14, from USD104.3 million in 2Q13, which outpaced the fall in revenue. The lower cost of services for the container shipping business was due mainly to the rationalisation of services, operating fewer vessels in Indonesia, renewal of charter hire at lower rates and lower bunker prices. The decline in cost of services for the non-container shipping business was in line with the disposal of the three non-performing vessels.

The Group registered a forex gain of USD808,000 in 2Q14, versus USD397,000 in 2Q13, as the US dollar strengthened against the SGD dollar.

Taking the above into consideration, the Group registered a profit from operations of USD5.2 million in 2Q14, versus a loss from operations of USD2.5 million in 2Q13. Net profit after taxation and minority interests was USD4.2 million, compared to a net loss of USD3.6 million in 2Q13.

About Samudra
Samudera is a regional Container Shipping line serving the Middle East and the Indian Sub-continent in the west, South East Asia and Indo-China at the center and the Far East to the north. This extensive network of services is run from its headquarters in Singapore, with able support from its own offices in Dubai, Mumbai, Kolkata and Chennai for the Middle East and the Indian Sub-continent operations, Bangkok, Ho Chi Minh, Klang and Jakarta for the South East Asia and Indo-China operations, and Shanghai for the Far East operations.


 

Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Impact of Financial Crisis on Greek Shipping

Though international analysts like Morgan Stanley said that the Greek crisis will not have a direct impact on shipping companies, Greek shipping companies listed on U.

APL’s Schedule Reliability Scales Up

APL was the most reliable carrier with a global on-time performance of 85.5% in May 2015, according to the latest Global Liner Performance Report by SeaIntel Maritime Analysis.

Gazprom, Gasunie Sign Framework Agreement - LNG

At a Meeting between Alexey Miller, Chairman of the Gazprom Management Committee and Han Fennema, CEO and Chairman of the Executive Board of Gasunie a Framework

Workboats

CNOOC Acquires Asia's 1st LNG Powered Tug

China National Offshore Oil Corporation (CNOOC) has taken delivery of Asia’s first tugboat Hai Yang Shi You 525, designed to operate solely on liquefied natural gas as ship’s fuel.

Injured Fisherman Medevaced off Alaska

An injured mariner was medevaced by U.S. Coast Guard (USCG) personnel near Sand Point, Wednesday, the USCG reported. Watchstanders at USCG District 17 command

Firefighting Vessel Delivered to the US Army

New Orleans based maritime solutions company Technology Associates, Inc. (TAI) informs it has completed its contract for the design and construction of a fast response

Finance

Japan's MHI Bags Indian Oil's LNG Storage Tank Contract

Indian Oil Corp (IOC) has awarded a contract to build two football stadium-sized liquefied natural gas (LNG) storage tanks at its upcoming Ennore LNG import terminal

GAIL to Offer Sops for Foreign Shipbuilders

GAIL India will offer foreign shipbuilders five years to make liquefied natural gas (LNG) carriers in India, double the time allowed to deliver ships from their home shipyards,

Impact of Financial Crisis on Greek Shipping

Though international analysts like Morgan Stanley said that the Greek crisis will not have a direct impact on shipping companies, Greek shipping companies listed on U.

Container Ships

APL’s Schedule Reliability Scales Up

APL was the most reliable carrier with a global on-time performance of 85.5% in May 2015, according to the latest Global Liner Performance Report by SeaIntel Maritime Analysis.

Haiti’s Port Lafito Officially Opens

GB Group inaugurated their Port Lafito, a world-class modern container port in Haiti. They informed that the port is now open and operational. Port Lafito

Navis N4 TOS Open in Liverpool Terminal

Peel Ports, owners and operators of the Port of Liverpool, has achieved a major milestone in its multi-million investment program to transform the port into Europe’s

Barges

Carlyle Group Acquires LMC

Global alternative asset manager The Carlyle Group today announced the acquisition of Lauderdale Marine Center (LMC), the nation's largest yacht repair facility

Propulsion Under Wireless Remote Control

Thrustmaster of Texas, Inc. has been supplying wireless remote controls for thrusters since the 1980s, offering products that are supported through their lifecycles

ContainerTug B.V. Releases Two New Models

Young Dutch ship design, engineering and construction company ContainerTug B.V. follows on the introduction of the ContainerTug 600S early last year with the release

 
 
Maritime Careers / Shipboard Positions Maritime Security Naval Architecture Navigation Offshore Oil Pod Propulsion Port Authority Salvage Shipbuilding / Vessel Construction Sonar
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1663 sec (6 req/sec)