Samudera Shipping Line Ltd, company that operates container shipping business and provides feeder services across country, recorded an 88 per cent increase in revenue to US$990.6 million (S$1.34 billion) for the year ended Dec 31, 2022, as a result of improvements in demand and strong freight rates across all business segments, primarily container shipping.
While freight rates softened in the second half of the year, average rates for the full year were significantly higher than those for financial year 2021 as demand for shipping services outpaced supply, the company said.
Container volumes handled grew by 28.5 per cent to 1.9 million twenty-foot equivalent units (TEUs) in financial year 2022 and 30 per cent year on year to 964,000 TEUs in the second half. In the first half of 2023, Samudera will take delivery of four newbuild container vessels, on long-term charter. It has also entered into an agreement to purchase two 1,900 TEU newbuild container vessels, which are scheduled to be delivered between 2024 and 2025.
As a result, Samudera’s net profit for financial year 2022 surged 148.4 per cent to US$323.1 million, despite rising costs.
The company proposed a special cash dividend of 24.25 cents per share, plus a final cash dividend of 0.75 cent per share. (The Straits Times).
