Samudera Shipping warns that both revenue and earnings for its 3QFY2023 are lower y-o-y, due to a "decline in the general market demand which resulted in lower container volume handled and freight rates year-on-year."
The freight rate level is likely to continue for the rest of the financial year, the Indonesia-based, Singapore-listed shipper warns on Oct 30.
However, the company adds that it is not obligated to do quarterly reporting and is only providing this profit in "the spirit of good corporate governance and transparency."
Like most shipping companies, Samudera Shipping has enjoyed a couple of good years during the pandemic because of pent-up demand and supply chain kinks.
Rates have since normalised.
For its 1HFY2023 ended June, the company reported earnings of US$66.6 million, down 61.2% y-o-y. Revenue in the same period was down 35.8% y-o-y to US$305.9 million.
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Samudera Shipping closed Oct 30 at 66 cents, down 2.96% for the day and down 22.94% year to date. At its recent peak in March, its shares were changing hands at $1.48.
