Shares in Samudera Shipping fell by over 8% Tuesday after the Singapore Exchange-listed company warned about weaker first-quarter profits.
The Indonesian regional liner specialist said it had recorded a “contraction in revenue and earnings” for the first quarter of 2023 versus a year ago.
The company blamed the “contraction” on a softening of freight rates and a decline in container volumes handled during the quarter compared with the same period last year.
