Samudera's net profit for the second quarter more than doubled to $8.2m.

SAMUDERA Shipping Line is upbeat about the container shipping market and said it will continue to add to its fleet.

The Singapore-listed container shipping line said in a statement today that it expects shipments out of Asia to Europe and within Asia, its main markets, to continue growing.

Samudera’s confidence in the Asia–Europe trade is contrary to figures from the Far Eastern Freight Conference for June, which showed the trade contracting by 0.5%.

The company does not directly participate in the Asia–Europe trade, but in feeder volumes within Asia.

While long-haul trades are slowing down, lines in general remain confident about the intra-Asian trades.

Strong container volumes in its markets, improved utilization and additional services helped drive Samudera’s net profit for the quarter to June 30 to $8.2m, more than double the $3.6m a year earlier.

Revenue rose 25.8% to $115.1m, reflecting contributions from new offices in Ho Chi Minh, Chennai and Kolkata.

However, this was partly offset by a 20% increase in cost of sales, mainly higher bunker prices and charter hire rates. In addition, the company was hit as most of its stevedoring costs are denominated in Singapore dollars, which appreciated against the US dollar.

Samudera took delivery of two container vessels in the second quarter – the 1,700 teu Sinar Sangir and the 1.740 teu Sinar Sumba -- and said it is on the lookout for opportunities to buy more containerships suitable for its service routes.

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