Samudera returns to profit in Q1

Samudera Shipping Line has reversed its fortunes to post a profit after tax of $152,000 in the first quarter, compared to a loss of $1.4m in the same period last year.


In the quarter ended 31 March, the Singapore-listed firm registered a slim $7,000 in profit attributable to equity holders of the group, compared to a loss of $1.5m in the same quarter of 2010. Revenue went up 23.8% to $102.7m for the quarter, the regional shipping firm announced. The Indonesia-based firm is concerned about rising and volatile bunker fuel prices, given the geopolitical issues in North Africa and the Middle East. “The group will continue its efforts to implement bunker recovery surcharges which will help to mitigate any increase,” it said.


Since January 2011, Samudera has taken delivery of two 1,054 teu container vessels and two newly built supramax dry bulk carriers, in line with the company's long-term strategy of increasing its ratio of owned vessels in light of higher charter rates. “As charter hire rates are expected to remain high, the addition of owned ships will allow the group to have better flexibility in fleet deployment and provide stability in overall vessel operating costs,” Samudera explained.
(Source:http://www.seatrade-asia.com)