Singapore-listed Samudera Shipping Line reported better net results for the third quarter with the expansion of its container transport business.
Net profit at Samudera rose 55.7% to $2.1m between July and September, while revenue increased 23.7% to $116.3m, according to an exchange filing.
The improvement mainly resulted from its expanding container business,which saw volumes rise 45% to 405,000 teu in the third quarter.
Container shipping revenue increased to $109m from the year-ago level of $85.8m.
However, with a smaller tanker fleet, revenue from its dry and wet bulk division decreased 22.5% on year to $5.2m.
“The regional container shipping industry is expected to continue to face headwinds as rallying oil prices put significant cost pressure on shipping companies," Samudera said.
"Industry outlook is uncertain about the impact of trade wars between the US and its trading partners.
“Demand for dry-bulk cargo remains relatively healthy, which should lend support to the sustainability of charter rates for its bulk carriers…the Group continues to be on the lookout for opportunities to expand its business activity in this area.”
Samudera Shipping Line, part of the Samudera Indonesia Group, operates 24 boxships in regional and feeder trades, three chemical tankers, one LNG tanker and two bulk carriers.
