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Singamas back in profit in the first half as container demand soars

Pacific International Lines’ subsidiary Singamas Container Holdings, the world’s fourth largest container manufacturer, recorded a US$66.51 million profit for 1H 2021, reversing a US$5.5 million loss in 1H 2020.

Strong demand resulted in sales of 150,000 TEU of dry and ISO specialised containers in the first half, resulting in the Hong Kong-listed Singamas’ container manufacturing segment generating US$442.42 million of revenue.

While 1H 2020 container sales were not disclosed, based on the average container retail price, Singamas’ container manufacturing segment’s revenue of US$85.31 million and the average container retail price of US$1,830, container sales were probably around 47,000TEU in the year-ago period according to container-news.com

Singamas chairman and CEO Teo Siong Seng, concurrently PIL chairman and managing director, credited the substantially improved performance to surging demand for dry containers caused by Covid-19-related supply chain disruptions worldwide.

“Further driving demand has been increased domestic consumption in various countries spurred by government stimulus and relief measures aimed at lessening the impact of the pandemic on households and businesses. Such efforts indirectly led to the increase in demand for imported goods,” commented Teo.

He said that though dry containers accounted for a significant share of 89% of manufacturing turnover, the specialised containers operation has continued to make headway.

The company is increasing production capacity by establishing a new facility adjacent to its Shanghai plant, which is set for completion by Q4 2021.

 


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