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
Straits Times
10 minutes ago
- Straits Times
Indonesia police detain former eFishery CEO who faked data
Sign up now: Get ST's newsletters delivered to your inbox The company claimed revenues of US$752 million in the first nine months of 2024, while the true number was just US$157 million. JAKARTA – Indonesian police have detained the co-founder and former chief executive officer of eFishery, who has previously admitted faking financial information at the once high-flying aquaculture startup. Gibran Huzaifah was detained along with two other former executives, Angga Hadrian Raditya and Andri Yadi, according to a text message from the director of special economic crimes at the National Police's Criminal Investigation Agency, Helfi Assegaf. DealStreetAsia earlier reported the detentions. There was no immediate indication the three former executives have been charged with any wrongdoing or named as suspects. All three have been held since July 31, according to the police. Gibran has told Bloomberg News he faked accounts at eFishery , which since the scandal has been administered by FTI Consulting. By the time it collapsed, the scheme had blown up into a multinational web of fake shell companies and padded accounts. The company claimed revenues of US$752 million (S$970 million) in the first nine months of 2024, while the true number was just US$157 million, according to an internal investigation. 'You see yourself in the mirror and when you do something wrong, you know that you're not proud of yourself,' Gibran said during a five-hour conversation on the scheme. 'I thought I would just do it to survive.' Several high-profile firms had invested in eFishery, including Japan's SoftBank Group and Singapore's Temasek Holdings. Bloomberg
Straits Times
10 minutes ago
- Straits Times
When Trump changes his mind, Republicans find a way to fall in line
Sign up now: Get ST's newsletters delivered to your inbox Mr Donald Trump has a pattern of accepting results that benefit him and denigrating those he dislikes as being rigged or part of a scam. WASHINGTON – President Donald Trump and his top aides used to be all too happy to praise the numbers from the Bureau of Labor Statistics. In February, Mr Trump displayed a chart in the Oval Office showing that the United States had gained an estimated 10,000 manufacturing jobs. When the bureau's March report came out, Ms Karoline Leavitt, the White House press secretary, celebrated the 'GREAT NEWS!' on social media. And as recently as last week, Vice-President J.D. Vance promoted data from the bureau that showed an increase in jobs among US-born residents. That was then. After the bureau put out a less-than-impressive jobs report on Aug 1, Mr Trump fired Ms Erika McEntarfer, the agency's commissioner, and claimed the figures were rigged. (In the way of proof, he said it was 'my opinion'.) Now, many Trump allies who walk in lock step with the president are in an awkward position. They have to justify tarnishing the reputation of the very bureau whose work they had cited freely in the past. Some began arguing that there were too many revisions, long a part of the process in calculating jobs data. Others accused the bureau of lacking transparency. Some simply argued that the president had the right to fire whomever he likes. Still others repeated Mr Trump's claim of rigged data. Senator Markwayne Mullin who voted for Ms McEntarfer's confirmation in 2024, accused her on Fox News of generating 'fake reports'. 'I'm glad she's out of a job,' he said. Senator Roger Marshall who also voted for Ms McEntarfer, accused her of incompetence. 'Legacy media's wrong on why the BLS chief was fired,' Mr Marshall wrote on social media. 'It's not 'bad numbers' – it's incompetence. She inflated job numbers by 800,000 pre-election, then missed by 250,000 last two months. How can the Fed make sound decisions with such flawed data? Trump was right to act.' Labor Secretary Lori Chavez-DeRemer, who in March had hailed the bureau's statistics showing strong job growth, backed Mr Trump's concerns about Ms McEntarfer in a post on social media. A spokesperson for Mr Vance – who had promoted the bureau's work the same day that Mr Trump fired Ms McEntarfer – said he was 'completely aligned with President Trump and was glad to see him dismiss the BLS commissioner'. Appearing on NBC's 'Meet the Press,' Mr Kevin Hassett, the director of the White House National Economic Council, declined on Aug 3 to furnish detailed evidence that would substantiate the president's claims that data had been manipulated. Instead, Mr Hassett, who in the past has cited staff at the bureau as 'professionals', said, 'The president wants his own people there so that when we see the numbers, they're more transparent and more reliable.' On CBS' 'Face the Nation,' Mr Jamieson Greer, the US trade representative, cited the bureau's use of revisions, even though they are part of a normal process of shoring up statistical data to ensure it is accurate. 'There are always revisions, but sometimes you see these revisions go in really extreme ways,' Mr Greer said. 'And it's, you know, the president is the president. He can choose who works in the executive branch.' The White House distributed a document accusing Ms McEntarfer, a Biden appointee who was confirmed by a vote of 86-8 in the Senate, of a 'lengthy history of inaccuracies and incompetence'. 'The fact of the matter is that BLS has had clear problems with the reliability and accuracy of its employment statistics since the start of the Covid pandemic over five years ago,' the White House said in a statement on Aug 4. Mr Trump has a pattern of accepting results that benefit him and denigrating those he dislikes as being rigged or part of a scam. He has objected to the results of the Emmys, falsely claimed that President Barack Obama did not win the popular vote and asserted that his erstwhile rival Senator Ted Cruz of Texas 'stole' a primary victory from him in Iowa in 2016. After losing the 2020 election, Mr Trump spread the lie that the election had been stolen from him. And since returning to office, he has lashed out at the sources of bad news for his administration, including judges who rule against him. In May, when he received a mix of good and bad economic news, Mr Trump said the 'good parts' of the economy were his, while the 'bad parts' belonged to the previous administration. Mr Stephen J. Farnsworth, political science professor at the University of Mary Washington, said even though much of the economic news Ms McEntarfer delivered to the Trump White House was positive, 'that wasn't enough.' 'The firing is a warning to other government officials that Trump pays very close attention to whether the news makes him look good or not,' he said. 'The larger issue is what this means for markets and for investors. If we're talking about an environment where the impartiality or accuracy of government statistics is called into question, it's much harder for people to make rational and informed choices.' While it remains to be seen whom Mr Trump will appoint to the position, the vote will serve as a test for Republican senators. 'The key question for the Congress is: To what extent will they insist on a competent professional to be confirmed for this position going forward?' Prof Farnsworth said. NYTIMES
Business Times
10 minutes ago
- Business Times
Petronas said to seek US$1 billion for Rio oil field stake sale
[SAO PAULO] Malaysia's Petroliam Nasional Berhad is working with Bank of America to sell its 50 per cent stake in the Brazilian oil field Tartaruga Verde, according to sources familiar with the matter. Petronas, as the Kuala Lumpur-based company is known, is looking to get about US$1 billion for the stake, the sources said, asking not to be identified discussing non-public information. The discussions are at an early stage and a deal may not happen, the sources said. A representative for Bank of America declined to comment. Petronas did not immediately respond to a request for comment. Petronas bought the stake in the Tartaruga Verde oil field in 2019 as part of a bigger transaction with Petroleo Brasileiro, known as Petrobras, which still owns the remaining 50 per cent stake. The field is based in the deep waters of Campos Basin in Rio de Janeiro state. BLOOMBERG
