Samudera Shipping Line reverses into the red, with Q2 net loss of $4.6 million
Samudera Shipping Line has reversed into the red in the second quarter, with a net loss of US$3.6 million (S$4.6 million) compared to a profit of US$7.4 million.
Revenue for the three months to June 30 fell by 19.1 per cent to US$104.8 million, weighed down by lower contribution across all three business segments.
The group's regional container shipping business contributed US$73.3 million in revenue, a 22.5 per cent decline, as a result of lower volume and declining freight rates.
The oversupply of vessel capacity and strong competition in the market affected freight rates and reduced volume handled by the group.