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.
Container volume fell 19.8 per cent to 273,300 boxes.
Revenue from the bulk carrier, offshore and tanker business decreased 4.6 per cent to US$15.5 million, largely due to lower charter rates and lower employment days as a number of vessels were laid off for few days for scheduled maintenance during the quarter.
Loss per share amounted to 0.67 US cent compared to earnings of 1.38 US cents previously while net asset value per share slipped to 42.42 US cents compared to 43.74 US cents as at Dec 31.