Regional container shipping line Samudera Shipping Line posted a dip in third-quarter net profit due to higher cost of services, Seatrade Asia online reports. Net profit for the third-quarter was recorded at $3.9m, down 37.8% compared to $6.3m in the same period of last year.
Revenue for the Singapore-listed line, however, rose 20.3% to $116.9m during the quarter.
“While the quarter registered improvements in trade activity and freight rates, cost of services was also raised by higher charter-hire rates and bunker price,” said David Batubara, ceo of Samudera.
The revenue growth was mainly attributed to the container shipping business both in the region as well as in Indonesia domestic shipping. The company believes the demand for Indonesia shipping services is expected to remain strong in the months ahead.
Revenue for the Singapore-listed line, however, rose 20.3% to $116.9m during the quarter.
“While the quarter registered improvements in trade activity and freight rates, cost of services was also raised by higher charter-hire rates and bunker price,” said David Batubara, ceo of Samudera.
The revenue growth was mainly attributed to the container shipping business both in the region as well as in Indonesia domestic shipping. The company believes the demand for Indonesia shipping services is expected to remain strong in the months ahead.