Samudera Shipping Line has reported that first quarter net profit surged 46 per cent to US$7.67 million, compared with $5.3 million for the same period in 2007.
Results for the first quarter ending March 31 show group revenue increased by 13.1 per cent over the same period a year ago to $102.3 million.
Revenue for container shipping grew 13.8 per cent year on year to $89.3 million, mainly due to a 5.7 per cent increase in container volume to 361,000 TEU. The company attributed this primarily to better capacity utilisation, an overall improvement in freight rates, and the implementation of bunker surcharges, a statement said.
Revenue from industrial shipping rose 10.2 per cent in the first quarter to $11.1 million due to an improvement in vessel employment.
The group's performance also takes into account a $400,000 gain arising from the disposal of a 8,047 deadweight ton coal deck carrier, and a foreign gain of $500,000 in the first three months of the year, compared with a loss of $800,000 in 1Q07.
The company expects demand for container shipping on Asia-Europe and Intra-Asia routes to continue growing in 2008, bringing profit to the group's intra-Asia trade as well as its feeder business, which is driven by the robust Asia-Europe trade.
Bunker prices are expected to remain high and volatile, and the group will continue its effort to reduce costs by implementing fuel surcharges and entering into forward contracts when appropriate.
The group has taken delivery of two container vessels of 1,100 TEU each this year, and will receive six more ships with an aggregate capacity of 9,000 TEU by 2009. These vessels, both owned and under long-term charter, will enable the group to introduce more services while better managing capacity and vessel operating costs.
Samudera offers container shipping services to the Middle East, Indian subcontinent, South and West Africa, southeast Asia, Indochina and the Far East.
Results for the first quarter ending March 31 show group revenue increased by 13.1 per cent over the same period a year ago to $102.3 million.
Revenue for container shipping grew 13.8 per cent year on year to $89.3 million, mainly due to a 5.7 per cent increase in container volume to 361,000 TEU. The company attributed this primarily to better capacity utilisation, an overall improvement in freight rates, and the implementation of bunker surcharges, a statement said.
Revenue from industrial shipping rose 10.2 per cent in the first quarter to $11.1 million due to an improvement in vessel employment.
The group's performance also takes into account a $400,000 gain arising from the disposal of a 8,047 deadweight ton coal deck carrier, and a foreign gain of $500,000 in the first three months of the year, compared with a loss of $800,000 in 1Q07.
The company expects demand for container shipping on Asia-Europe and Intra-Asia routes to continue growing in 2008, bringing profit to the group's intra-Asia trade as well as its feeder business, which is driven by the robust Asia-Europe trade.
Bunker prices are expected to remain high and volatile, and the group will continue its effort to reduce costs by implementing fuel surcharges and entering into forward contracts when appropriate.
The group has taken delivery of two container vessels of 1,100 TEU each this year, and will receive six more ships with an aggregate capacity of 9,000 TEU by 2009. These vessels, both owned and under long-term charter, will enable the group to introduce more services while better managing capacity and vessel operating costs.
Samudera offers container shipping services to the Middle East, Indian subcontinent, South and West Africa, southeast Asia, Indochina and the Far East.