Samudera Shipping flags US$3m exposure to Hanjin fall-out

SAMUDERA Shipping Line unveiled after trading hours on Tuesday an estimated net exposure of up to US$3 million through existing slot exchange arrangements with the distressed South Korean shipping line, Hanjin Shipping.

The existing slot exchange arrangements with Hanjin Shipping are for various services including Yangon, Chittagong, Surabaya and Bangkok, Samudera said on Tuesday evening in an SGX filing.

At present, the net exposure is estimated to range between US$2.5 million and US$3 million and while material to the group's performance for the current financial year, will not affect its overall financial standing, the SGX filing noted. "The group continues to operate on sound fundamentals with a strong balance sheet and adequate cash position," it added.

Samudera is proactively looking for replacement cargo on the affected sectors and will take the realignment of service routes, if necessary, to mitigate the impact going forward.

Shares in Samudera closed flat on Tuesday at S$0.181.