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 Today


The Maritime Industry's original and most viewed E-News Service

Maritime Reporter April 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Maersk Line Names Hahnemann Chief HR Officer

On August 1, 2016, Ulf Hahnemann, current Vice President for Strategic Programs at Mars Inc. will join Maersk Line as Chief Human Resources Officer (CHRO) and be

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Hanjin Shipping May Get OK for Restructuring

South Korea’s largest container operator by capacity Hanjin Shipping's creditors are expected to approve a corporate rehabilitation program for the struggling container line,

Workboats

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

Mercury Marine Expands Manufacturing Capacity

Mercury Marine is adding a 53,000 square foot manufacturing capacity expansion to its global headquarters in Fond du Lac, Wisc. The expansion will consist of 45,

Englishman: 11th Humber Tug Bears the Name

Humber tugboat operator SMS Towage has drawn on an old name for the latest addition to its fleet. The new Englishman is the 11th Humber tug to bear the title, in

Finance

Pirates Switch to Kidnapping Crew as Oil Fetches Less

Pirate gangs in West Africa are switching to kidnapping sailors and demanding ransom rather than stealing oil cargoes as low oil prices have made crude harder to sell and less profitable,

Baltic Index Down for Third Straight Session

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday for the third straight session, as demand for bigger vessels weakened.

Kongsberg, DNV GL Partner to Reduce Training Costs

Kongsberg Maritime has entered a partnership with class society DNV GL to issue Product Certificates for Maritime Simulator Systems required by maritime training

Container Ships

UN to Start Inspecting Commercial Shipments to Yemen

The United Nations will start inspecting shipments to rebel-held ports in Yemen in a bid to boost commercial imports and enforce an arms embargo, the world body said on Tuesday,

Maersk Line Names Hahnemann Chief HR Officer

On August 1, 2016, Ulf Hahnemann, current Vice President for Strategic Programs at Mars Inc. will join Maersk Line as Chief Human Resources Officer (CHRO) and be

Allcargo Groups Subsidiaries as ECU Worldwide

ECU Line, Econocaribe and China Consolidators undergoes rebranding to build a Global Brand Connect   India’s integrated logistics solution provider Allcargo Logistics

Barges

American Waterways Operators Elects Chairman

The members of the American Waterways Operators, the national trade association representing the tugboat, towboat and barge industry, elected a new slate of leaders

USCG Uses Skiff Ice Boat to Rescue Injured Man

The U.S. Coast Guard medically evacuated a man off of a dredging barge in Lake Erie near Sandusky, Ohio, Wednesday evening. At approximately 5:45 p.m., a good

New Tank Barge Delivered to Harley Marine

The newly built tank barge, the Fight A.L.S., was delivered to Harley Marine Services on February 19, 2016.   Designed by Elliott Bay Design Group (EBDG) and constructed at Vigor Fab in Portland,

 
 
Maritime Careers / Shipboard Positions Maritime Standards Navigation Offshore Oil Pipelines Salvage Ship Electronics Ship Repair Ship Simulators Shipbuilding / Vessel Construction
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: 0.1029 sec (10 req/sec)