Samudera’s H1 earnings sink 68.3% YoY to $28.2m

Revenue also dropped 27.1% YoY to $299.6m amidst container segment decline.

Samudera Shipping Line H1 2024 profit declined 68.3% year-on-year (YoY) to $28.2m (US$20.9m).

Revenue also dropped 27.1% YoY to $299.6m (US$223m) due to a 28.8% YoY decrease in the container segment to $230m, driven by reduced container volume and lower freight rates.

Container volume fell 2.4% YoY to 879,000 twenty-foot equivalent units (TEU).

On the flip side, bulk and tanker revenue rose 63.6% YoY to $17.0m (US$12.7m), reflecting a larger fleet following the addition of two gas carriers.

Logistics revenue grew 8.2% YoY to $10.4m (US$7.8m) with new management contracts on 4PL (4th party logistics).

In addition, logistics storage capacity rose 13.1% YoY to 148,500 pallet positions, and volume handled surged 71.5% YoY to 971,100 pallet equivalents, driven primarily by new customers.