Samudera Shipping H1 profit doubles to US$41.8 million
Revenue rose 28 per cent to US$285.5 million, the mainboard-listed company said on Tuesday (Jul 29). This was attributed to increased business activity and container freight rate improvements.
Container volume in H1 stood at 990,000 20-foot equivalent units (TEUs), up from 879,000 TEUs in the same period in the previous year.
Contributions from the container segment were higher as the average freight rate for H1 FY2025 exceeded that in the same period in FY2024, the company said.
Revenue from the group's container segment rose 29.3 per cent to US$261.9 million in the latest H1, from US$202.5 million a year ago.
Samudera Shipping expects the operating environment for the container shipping industry to remain challenging in the near term. It noted that globally, container freight rates have started to ease from earlier highs following the front-loading of cargoes in previous months.
BT in your inbox
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
Sign Up
Sign Up
'Further softening of freight rates is expected, in view of the progressive implementation of US tariffs across various countries and ongoing geopolitical tensions in the Middle East,' the group said.
Revenue from its logistics segment rose 15.6 per cent to US$9.1 million from US$7.8 million a year ago, mainly due to an increase in fourth-party logistics business in Indonesia.
The logistics business is expected to deliver positive returns, and Samudera Shipping sees opportunities to grow its fourth-party logistics business, leveraging its expanding track record and growing demand for such services in Indonesia.
Earnings per share stood at US$0.0777, up from US$0.0388 in the year-ago period.
The group declared a dividend of S$0.015 per share, which will be paid out on Aug 21.
Samudera Shipping's shares closed at S$0.995 on Tuesday, down S$0.005 or 0.5 per cent.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Business Times
12 minutes ago
- Business Times
Oil prices slide to 8-week low as US-Russia talks stir sanction uncertainty
[NEW YORK] Oil prices slid about 1 per cent to an eight-week low on Wednesday after US President Donald Trump's remarks about progress in talks with Moscow created uncertainty on whether the US would impose new sanctions on Russia. Brent crude futures fell 75 cents, or 1.1 per cent, to settle at US$66.89 a barrel, while US West Texas Intermediate crude dropped 81 cents, or 1.2 per cent, to settle at US$64.35. Those moves marked a fifth consecutive day of losses for both crude benchmarks, with Brent closing at its lowest since June 10 and WTI closing at its lowest since June 5. Trump said on Wednesday that his special envoy Steve Witkoff made 'great progress' in his meeting with Russian President Vladimir Putin, as Washington continued its preparations to impose secondary sanctions on Friday. Trump has threatened additional sanctions on Moscow if no moves are made to end the war in Ukraine. 'Everyone agrees this war must come to a close, and we will work towards that in the days and weeks to come,' Trump said, without providing further details. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Russia is the world's second-biggest producer of crude after the US, so any potential deal that would reduce sanctions would make it easier for Russia to export more oil. Earlier in the day, oil prices rose after Trump issued an executive order imposing an additional 25 per cent tariff on goods from India, saying it directly or indirectly imported Russian oil. The new import tax will go into effect 21 days after Aug 7. India, along with China, is a major buyer of Russian oil. 'For the time being, the 21-day start to the new Indian tariffs, while Russia tries to put together some kind of cease fire agreement ahead of President Trump's Aug 8 deadline, still leaves too much uncertainty around the situation,' Bob Yawger, director of energy futures at Mizuho, said in a note. In addition to the tariff and sanction uncertainty, analysts said a planned Opec+ supply increase has weighed on the market in recent days. Indian Prime Minister Narendra Modi, meanwhile, will visit China for the first time in over seven years, a government source said on Wednesday, in a further sign of a diplomatic thaw with Beijing as tensions with the US rise. In other news, Saudi Arabia, the world's biggest oil exporter, on Wednesday hiked its September crude oil prices for Asian buyers, the second monthly rise in a row, on tight supply and robust demand. Oil inventories Oil markets found support earlier in the day from a bigger-than-expected decline in US crude inventories last week. The US Energy Information Administration said energy firms pulled 3 million barrels of crude from inventories during the week ended Aug 1. That was much bigger than the 0.6-million-barrel draw analysts forecast in a Reuters poll, but was smaller than the decline of 4.2 million barrels that market sources said the American Petroleum Institute trade group cited in its figures on Tuesday. REUTERS
Business Times
12 minutes ago
- Business Times
Apple to invest additional US$100 billion in US
[WASHINGTON] Apple will invest an additional US$100 billion in the United States, taking its total pledge to US$600 billion over the next four years, US President Donald Trump said on Wednesday (Aug 6). Trump announced the increased commitment at the White House alongside the tech giant's CEO Tim Cook, calling it 'the largest investment Apple has made in America'. 'Apple will massively increase spending on its domestic supply chain,' Trump added, highlighting a new production facility for the glass used to make iPhone screens in Kentucky. In February, Apple said it would spend more than US$500 billion in the United States and hire 20,000 people, with Trump quickly taking credit for the decision. It builds on plans announced in 2021, when the company founded by Steve Jobs said that it would invest US$430 billion in the country and add 20,000 jobs over the next five years. 'This year alone, American manufacturers are on track to make 19 billion chips for Apple in 24 factories across 12 different states,' Cook said in the Oval Office. BT in your inbox Start and end each day with the latest news stories and analyses delivered straight to your inbox. Sign Up Sign Up Trump, who has pushed US companies to shift manufacturing home by slapping tariffs on trading partners, claimed that his administration was to thank for the investment. 'This is a significant step towards the ultimate goal of... ensuring that iPhones sold in the United States of America also are made in America,' Trump said. Cook later clarified that, while many iPhone components will be manufactured in the United States, the complete assembly of iPhones will still be conducted overseas. 'If you look at the bulk of it, we are doing a lot of the semiconductors here, we are doing the glass here, we are doing the Face ID module here... and we are doing these for products sold elsewhere in the world,' Cook said. Apple reported a quarterly profit of US$23.4 billion in late July, topping forecasts despite facing higher costs due to Trump's sweeping levies. The tariffs are essentially a tax paid by companies importing goods to the United States. This means Apple is on the hook for tariffs on iPhones and other products or components it brings into the country from abroad. AFP
Business Times
12 minutes ago
- Business Times
Citigroup reshuffles rates business with a heightened focus on Japan
[LONDON] Citigroup is reorganising its regional rates businesses in a move that includes a sharper focus on the non-linear market in Japan. Thomas Reich, who had co-run non-linear rates trading, will now focus solely on Japan, according to an internal memo by Deirdre Dunn, the firm's head of rates trading. Reich's former co-head Richard Yang becomes sole head of non-linear rates trading for North America and Europe, the Middle East and Africa. 'The landscape in Japan is rapidly changing, requiring additional focus to capture the opportunities that come with change,' Dunn said in the memo. Demand for skilled traders focused on the country has intensified in recent months after the yen rates market witnessed some of its biggest moves in years. Tom Prickett has also joined Citi from JPMorgan Chase to be head of Emea G10 rates in London, the memo said. He will join the rates executive committee and report to Dunn, with a line to Emea markets head Amit Raja. Prickett had been at JPMorgan for 24 years, according to his LinkedIn profile. A Citi spokesperson confirmed the contents of the memo and declined to comment further. Citi previously hired JPMorgan's global head of portfolio trading, Paul Glezer, in a new role leading the bank's systematic trading in a key markets division, Bloomberg News reported in June. Revenue from the bank's fixed-income trading business soared 20 per cent to US$4.3 billion in the second quarter, beating the US$3.9 billion predicted by analysts in a Bloomberg survey. BLOOMBERG
