Samudera Shipping Line slumped to a loss in the first quarter hit by high fuel costs, Seatrade Asia online reports. The Singapore-listed regional container line reported a net loss of $3.8m in the first quarter compared to $152,000 profit in the same period last year. Samudera was hit by higher operating costs, mainly due to the bunker price, with cost of services increasing 11% to $109.2m.
The company’s domestic Indonesia business suffered due to the removal of a fuel subsidy in February this year and reported a gross profit of $1m for the first quarter compared to $2.7m a year earlier.
The company’s domestic Indonesia business suffered due to the removal of a fuel subsidy in February this year and reported a gross profit of $1m for the first quarter compared to $2.7m a year earlier.