Samudera Shipping Line has reported much better results for its 1HFY2021.
Thanks to better rates, revenue for the six months ended June 30 increased by 19.6% y-o-y to $209.1 million.
However, earnings surged by 413.3% to $36.7 million, as it was able to keep a lid on costs.
The company handled 715,000 TEUs (twenty-foot equivalent units), up 8.1% over 1HFY2020.
“The global port congestion situation arising from pandemic-related disruptions resulted in a shortage of capacity, due to longer vessel turnaround time in conjunction with the volume growth in the long-haul services,” notes Samudera.
The company expects the “upward pressure” on freight rates to continue in the near term.
The company plans to pay a dividend of 0.5 cents.
Investors have started pricing the prospects of the better earnings.
Year to date, Samudera’s shares are up around two-thirds to close at 43 cents on July 28.
