SAMUDERA Shipping Line reported a 367.6 per cent surge in 1H 2022 earnings to US$171.7 million from US$36.7 million a year prior.
The directors also declared an interim dividend of S$0.07 in a regulatory filing after market close on Jul 27.
Revenue for the period jumped 127.8 per cent to US$476.2 million from US$209.1 million, which was driven by increases across all business segments. The container shipping segment drove the bulk of the increases, surging 131.4 per cent to US$464.9 million in 1H 2022 from US$200.9 million a year earlier.
The bulk and tanker segment posted a 31 per cent increase to US$4.1 million in 1H 2022 from US$3.1 million in 1H 2021, due to increase in employment days of the 2 existing tankers and the acquisition of a third vessel. The 1H 2022 agencies and logistics segment recorded a 65.3 per cent increase to US$8.8 million from US$5.4 million on higher agency activities and the acquisition of controlling stake in a third-party logistics company in Indonesia.
Freight rates are expected to remain higher than pre-pandemic levels as container vessel supply continues to lag demand. Samudera Shipping has secured long-term charters for 4 of the 6 newly-built vessels, and is growing its presence in the tanker market with a delivery of another tanker in 4Q 2022. The company expects charter-hire rates and bunker cost to remain high.
Shares of Samudera Shipping closed down 1.9 per cent or S$0.02 to S$1.02