SINGAPORE (Oct 25): Samudera Shipping swung to a loss of US$3.8 million ($5.3 million) in 3Q as a decline in revenue outpaced fall in costs of sales. A year ago, the group had posted earnings of US$1.2 million.
Revenue fell 18.8% to US$61 million due to lower revenue generated from both the container shipping and bulk and tanker business segments. But cost of sales only fell 12.3% to US$61 million.
Revenue from the container shipping business declined 17.2% to US$52.1 million on the back of prevailing pressure on freight rates and a 2.1% decrease in volume handled to 273,000 TEUs largely due to the loss of volume from Hanjin Shipping Co.
Revenue from the bulk & tanker business declined 29.3% to US$7.7 million as the group operated a smaller fleet in 3Q following its disposal of four tankers since December 2015. The dry-docking of a tanker and lower charter-out rates also affected revenue.
Shares of Samudera last closed at 18 cents.
