The shipping sector remains embroiled in a state of uncertainty, pending a resolution of trade friction and geopolitical tensions between the world’s largest economies. With muted expectations of trade growth and the recent consolidation among main line operators, we expect to have to compete harder for each container box.
As announced on 28 February 2019, one of our dry-bulk vessels was detained in Honduras over a cargo claim from the Honduran cargo owner. We are currently working closely with our lawyers, insurance company and the Honduran authority to release the vessel from arrest. We expect this incident to have an impact on our bulk and tanker performance in the current financial year. Leveraging our competitive advantages and track record, we will aim for steady growth in our container shipping business in the year ahead. Our values of integrity, prudence and trustworthiness will serve us well in our dealings with customers and competitors alike. We will continue to build our presence in the dry bulk market, and tanker business, especially in Indonesia, through local partnerships.
We will also maintain a keen focus on optimising operational and cost efficiencies while strategically managing asset utilisation. With people as our most important resource, Samudera Shipping Line is also committed to nurturing competent and dedicated talent to take us to greater growth.
A WORD OF APPRECIATION
Samudera Shipping Line has had to weather diverse challenges in recent years, but we have emerged stronger at every turn. For that, I am grateful to all employees for their dedication and hard work in ensuring we are able to strengthen and grow.
I would like to thank my fellow directors for their invaluable advice and commitment. I am also thankful to our shareholders, customers, partners and associates for supporting and believing in us.
As we continue to chart our course of growth, we promise to uphold the values integrity, prudence and trustworthiness and be committed to all our stakeholders. I am optimistic that we will be able to build on our strengths to capture the opportunities ahead.