Samudera Shipping issues profit guidance for Q3, warns of fall in earnings

SAMUDERA Shipping on Monday (Oct 30) issued a profit guidance for the third quarter ended Sep 30, 2023, saying that revenue and earnings “recorded a contraction”, compared to the year-ago period.

“This was primarily due to a decline in the general market demand, which resulted in lower container volume handled and freight rates year on year,” said the mainboard-listed company in a bourse filing. 

The carrier, whose parent is Jakarta-listed Samudera Indonesia, added that the freight rate is likely to continue at its current level for the rest of the fiscal year. 

For the second half-year ended Dec 31, 2022 – which included its third-quarter results for FY2022 – Samudera posted a 61.8 per cent increase in revenue to US$514.4 million, and a 63.6 per cent rise in profit to US$150.3 million. 

Specific figures for the third quarter since FY2020 are not available, following the scrapping of compulsory quarterly reporting on the local bourse in 2020.  

The counter closed on Monday at S$0.655, down 3 per cent or S$0.02, before the announcement.