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Samudera Shipping swings to 3Q net loss

PC Lee
PC Lee10/25/2016 06:59 PM GMT+08  • 1 min read
Samudera Shipping swings to 3Q net loss
SINGAPORE (Oct 25): Samudera Shipping swung to a loss of US$3.8 million ($5.3 million) in 3Q as a decline in revenue outpaced fall in costs of sales. A year ago, the group had posted earnings of US$1.2 million.
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SINGAPORE (Oct 25): Samudera Shipping swung to a loss of US$3.8 million ($5.3 million) in 3Q as a decline in revenue outpaced fall in costs of sales. A year ago, the group had posted earnings of US$1.2 million.

Revenue fell 18.8% to US$61 million due to lower revenue generated from both the container shipping and bulk and tanker business segments. But cost of sales only fell 12.3% to US$61 million.

Revenue from the container shipping business declined 17.2% to US$52.1 million on the back of prevailing pressure on freight rates and a 2.1% decrease in volume handled to 273,000 TEUs largely due to the loss of volume from Hanjin Shipping Co.

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