AFTER posting a profit of US$4.6 million in 2012, Indonesia's Samudera Shipping Line posted a loss of US$2.2 million for 2013, drawn on revenues of $392.2 million, down 19.2 per cent.
The company blamed last year's loss on declines in both its regional and domestic container shipping.
Its largest unit, regional container shipping, saw volumes drop by nine per cent to 1.1 million TEU, pushing revenue down 18 per cent year on year to $274 million.
The shipping company said this was "mainly due to the consolidation of some services in response to changes in the competitive landscape," reported Lloyd's List.
The domestic container business suffered a 22 per cent decline in revenue to $49 million on account of lower freight rates in the coastal shipping business and lower volumes, as well as excess capacity. The unit handled 157,000 TEU, down six per cent.
Last year's currency volatility also negatively impacted the domestic business due to the rupiah, the currency in which Samudera records its freight rates, losing ground against the US dollar.
Revenues for the bulk carrier, offshore and tanker business remained flat at $66 million.
Regarding the regional, or intra-Asia business, the company said it had "consolidated certain services... to position itself more competitively."
It said it would take advantage of expiring long-term vessel charter contracts to "renew the fleet composition and renew some contracts at lower rates."