Intra-Asia ocean carrier's Q3 profit down 40.5 percent

Intra-Asia operator Samudera Shipping Line saw its third-quarter profit fall 40.5 percent year-over-year to $3.9 million, as rising operating costs offset a 20.3 percent increase in revenue, Journal of Commerce reports. The Singapore-listed carrier said higher costs for bunker fuel, charter-hire renewal, stevedoring and port fees pushed operating costs up 27.7 percent year-over-year to $108.8 million. Revenue in the third quarter grew to $116.9 million as container traffic rose 8.1 percent year-over-year to 353,600 20-foot equivalent container units.
“Freight rates for Indonesia domestic shipping services also registered improvements on the back of strengthened demand, while rates for intra-Asia services were slightly lifted by the implementation of surcharges on certain trade lanes,” Samudera said in a statement.