Samudera To Expand Container Shipping Business
News: Singapore-based Samudera Shipping Line is aiming to grow its Indonesian container business. The expansion plan emerged as Asian regional markets remain under pressure. In its full-years results report Samudera has specified that freight rates for the regional box shipping sector are expected to stay under pressure in 2013 owing to the oversupply of vessels. However, the company's Indonesian business is expected to grow. Meanwhile, the volume of containers handled by Samudera in Indonesia registered a 10.1% year-on-year (y-o-y) rise to 168,000 twenty-foot equivalent units (TEUs) in 2012, compared with 152,000 TEUs in 2011. Revenue generated from the company's Indonesian domestic business reached US$62.8mn in the reported period, up by 9% y-o-y, compared to US$57.6mn in 2011.