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Singapore Shipping Corp sees 10.2% higher earnings despite lower revenue from ship owning business

Khairani Afifi Noordin
Khairani Afifi Noordin5/26/2022 08:01 PM GMT+08  • 1 min read
Singapore Shipping Corp sees 10.2% higher earnings despite lower revenue from ship owning business
SSC's agency and logistics business revenue grew 39.5% to US$7.47 million due to an improvement in business volume.
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Singapore Shipping Corp (SSC) reported a 10.2% growth in earnings for the six months ended March 31 to US$4.45 million ($6.1 million) from US$4 million in the same period last year.

This brings FY2022 earnings to US$9.8 million, down 4.3% y-o-y.

SSC’s revenue for its ship owning business declined 5% to US$15 million in 2HFY2022. This is attributed to off-hire, or dry docking which refers to ships being removed from the water for repairs.

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