SINGAPORE-listed Samudera Shipping Line, a subsidiary of Indonesia-based Samudera Group, has reported a decline in net profits of US$4.6 million in 2012.
Samudera profit fall offset by cabotage laws that boosted local volume SINGAPORE-listed Samudera Shipping Line, a subsidiary of Indonesia-based Samudera Group, has reported a decline in net profits of US$4.6 million in 2012, against slight revenue growth due from local container movement and better fleet utilisation.
Samudera's container shipping business increased revenue by five per cent to $335.2 million in 2012 despite a three per cent decline in volume to 1.2 million TEU. This was attributed to recovery of bunker costs from surcharges.
Local container volume grew 10 per cent to 168,000 TEU due to a recent tightening of cabotage laws that restrict foreign ships in the coastal market, creating a revenue increase of nine per cent to $62 million.
The carrier hopes to further explore the domestic market by increasing fleet and redeploying capacity from "underperforming sectors to capitalise on growth opportunities in Indonesia".
The regional container line serves Middle East, the Indian subcontinent, south east Asia, Indo-China and the Far East.
