Samudera Shipping has seen red in its third quarter bottom line as Hanjin Shipping’s woes took a toll on the diversified owner’s results.
The Indonesian company reported a net loss of $3.7m, against a $1.2m profit in the same spell of 2015.
Its total revenue from July to the end of September sat at $61m, down 18.8%.
Samudera explained the loss of volume from Hanjin Shipping resulted in a 17.2% decline on its container business revenue.
“The group is proactively looking for replacement cargo on the affected sectors,” the company added.
“If necessary, it will also undertake the realignment of service routes to mitigate the impact going forward.”
Samudera’s smaller fleet of bulkers and tankers brought revenue of $52.1m in the third quarter, down from $63m.
But the company’s cash and bank balances increased from $45.4m to $62.1m at the end of the quarter thanks to vessel sales.
According to Clarksons, Samudera controls a diversified fleet of around 35 ships.
