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Singapore Shipping picks up small earnings

Friday, 10 February 2012 | 00:00
Singapore Shipping Corp (SSC) snatched a meagre increase in third quarter net profit and posted a 22.2% rise in revenue year-on-year.
In the quarter ended 31 December 2011, the Singapore-listed firm posted net profit of $1.81m, an increase of 0.2% over the same period last year.
SSC attributed the marginal improvement to net income contributed by two vessels purchased in late April 2010 and early March 2011.
Revenue during the quarter stood at $4.99m, up 22.2% from $4.08m a year ago.
“The additional revenue contributed by the two vessels... was partially offset by loss of revenue due to off-hire of a vessel for drydocking in April 2011,” SSC said in a statement.
It added that its business model of a tonnage supplier to blue chip operators on long-term charters has shielded it both from the market downturn due to the globally depressed shipping industry and the ongoing financial volatility.
“We intend to continue to acquire vessels under such a business model,” SSC said. The company owns a fleet of four car carriers.
Source: Seatrade-Asia
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