Container Builder Singamas' Profit Grows Ninefold

Higher pricing and a ramp-up in container sales drove box manufacturer Singamas’ profit ninefold to $111.8 million from the same period a year ago.

Singamas’ revenue doubled to $1 billion within the same period, as sales of 20-foot equivalent container units jumped 72 percent to 397,334 TEUs. The average TEU price in the first half rose 11.5 percent to $2,403 from the same period a year ago.
“Far more orders were placed in what has traditionally been the low season for the group. This has occurred because the group’s customers have recognized that, as container supply is limited and new containers cannot be obtained during the traditional peak season as easily as in the past, they must alter their ordering patterns to guarantee a regular supply,” the Hong Kong-based company said.
Dry container orders rose 81.2 percent, while refrigerated container orders increased 132.2 percent within the same period. The company’s reefer container plant is at full capacity, and it expects to complete the first phase of a new reefer container facility by July 2012.