Mike King, Special Correspondent | Feb 28, 2012 9:45AM EST
Samudera Shipping Line’s profit last year rose 33.8 percent year-over-year to $12.6 million, as the Singapore-listed carrier’s expansion in Indonesia domestic shipping helped offset a downturn in intra-Asia markets.
SSL’s healthy bulk and tanker business also helped boost revenue 23 percent year-over-year to $454.2 million. The company warned the oversupply of vessel capacity in key markets, the ailing Eurozone and an anticipated growth slowdown in China could dampen intra-Asia trade.
“We foresee a number of challenges in front of us in 2012 as a result of the oversupply situation in the regional container shipping business, continued pressure on freight rates and the hike in bunker prices,” said CEO David Batubara.
SSL also warned that while domestic demand on the Indonesia container trades would remain “relatively healthy," this could be offset by port congestion, increasing operating cost and newbuilding deliveries.
-- Contact Mike King at michael@borderline.eu.com
