SAMUDERA Shipping (S56) reported a 68.7 per cent drop in net profit to US$20.9 million for the first half ending June 30, compared to US$66.7 million in the same period last year, reports Singapore's Business Times.

Revenue decreased 27.1 per cent to $223 million, the company announced on Monday (July 29).

Container volume for the first half stood at 879,000 TEU, down from 901,000 TEU in the first half of 2023.

The company noted that contributions from the container segment were lower and the outlook for the container shipping industry remains challenging.

"Amid continued port congestion and disruptions to vessel schedules in the region, liners continued to bypass the conflict in the Red Sea," said Samudera Shipping.