Samudera Shipping reveals up to $4.1m slot exchange deals with bankrupt Hanjin Shipping

The group seeks replacement cargo on affected sectors.

Rippling effects of Hanjin Shipping’s collapse are slowly being felt in the Lion City as home-grown Samudera Shipping Line revealed it has existing slot exchange arrangements of up to $4.1 million with the world’s seventh largest shipper.

In an announcement on SGX, Samudera said the slot exchange deal is intended for various services such as the Yangon, Chittagong, Surabaya, Bangkok and other services.

“At present, the net exposure is estimated to be in the range of S$3.4 million (US$2.5 million) to S$4.1 million (US$3 million), which, while material to the group’s performance for the current financial year, will not affect the overall financial standing of the group,” said Samudera.

The company claimed it continues to operate on sound fundamentals with a strong balance sheet and adequate cash position. Its priority is to ensure the continuity and reliability of its service routes.

“The group is proactively looking for replacement cargo on the affected sectors and will undertake the realignment of service routes, if necessary, to mitigate the impact going forward,” Samudera added.