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Samudera falls into Q3 loss of US$3.8m as smaller tanker fleet, Hanjin collapse hit sales
SAMUDERA Shipping Line fell into a net loss of US$3.8 million in the third quarter as sales slowed in both the container and the bulk and tanker segments.
On a per share basis, the loss was 0.71 US cent for the three months ended September. Samudera, which plies routes from India to East Asia, reported a net profit of US$1.2 million, or 0.23 US cent per share, in the year-ago period.
Revenue fell 18.8 per cent to US$61 million. Container shipping sales declined by 17.2 per cent to US$52.1 million as freight rates remained under pressure and the volume handled slipped 2.1 per cent to 273,000 20-foot equivalent units (TEU) following the collapse of Hanjin Shipping Co.
The bulk and tanker division sold four tankers in December 2015, and the smaller fleet contributed to a 29.3 per cent decline, to US$7.7 million, in the segment's revenue during the quarter.
Looking ahead, Samudera sees strong headwinds persisting for the container shipping industry. The company is also looking for replacement cargo on sectors affected by Hanjin, with which Samudera had had slot exchange arrangements for various services in the region.