JOC Staff | Feb 28, 2013 10:27AM EST
Samudera Shipping reported a profit of $21.2 million for 2012, a decline of 23.8 percent from 27.8 million in 2011.
Annual revenue rose 3 percent from $454.2 million in 2011 to $467.7 million in 2012, driven by optimization of fleet utilization in all segments, the Singapore-based company said in a written statement.
Revenue from the regional container shipping business increased 5.4 percent to $335.2 million in 2012, up from $318.0 million 2011.
Conversely, container volume fell 3 percent from 1.27 million 20-foot-equivalent units in 2011 to 1.22 million TEUs in 2012, as Samudera was able to recover some bunker surcharges from April to July 2012 following an increase in the price of bunker.
Meanwhile, the Indonesia domestic container shipping business handled 168,000 TEUs, up 10.1 percent from 152,000 TEUs in the previous year. Revenue from this segment improved 9 percent to $62.8 million in 2012, compared with $57.6 million in 2011.
The shipping company expects 2012’s subdued industry situation to extend into 2013, with freight rates remaining under pressure as vessel oversupply continues. In the Indonesia segment, the company predicts the Indonesian economy will continue to drive shipping activity.