Singapore: Despite announcing a return to profits in the second quarter Samudera Shipping has vowed to keep cutting back its fleet size. In an announcement to the Singapore Exchange, Samudera expects operating conditions for container shipping to remain “challenging in view of strong competition”.
Nevertheless, steps taken by the group to restructure its services, by downsizing its operations on non-profitable routes, have shown positive results. In the non-container shipping segment, Samudera said it will continue to optimise fleet utilisation including divesting non-performing vessels.
Samudera eked out a net profit of $4.21m in the second quarter, an improvement of the $3.63m loss it made in the same period of 2013. [24/07/14]