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The global equity markets posted strong recovery in second quarter and reversed the
negative trend from the first three months. Although the economy only moved at a much
slower pace, with signs that the worst is over, the economy is expected to improve from
third quarter onwards.
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From the shipping perspective, as demand in the USA and Europe were still falling behind
expectations in second quarter, both freight rate and volume did not improve as expected.
However, the Intra-Asia trade, with the backing of government¡¯s expenditure and stronger
consumer confidence, saw a significant improvement in the volume as compared to the
first quarter of this year. Recently, there were some signs that both the freight rate and
volume had bottomed out as Asia-Europe trade registered positive volume improvement.
Shipping lines were rolling out rate recovery and implemented the peak season surcharge
as planned.
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The Group¡¯s Shipper Owned Container (SOC) liftings in Q209 declined by 33% year-onyear
at 271,552 TEUs. This was partially due to lower East West Trade volume and
reduction in the tonnage deployed, as the Group returned three time-chartered vessels at
end of March. With stronger recovery in Asia economy, the Group¡¯s Carrier Owned
Container (COC) liftings reduced only by 12%, at 313,161 TEUs. Overall, in Q209, total
liftings of the Group recorded a 23% decline year-on-year at 584,713 TEUs. In
comparison with the first six months of the year, SOC liftings dropped 31% at 534,183
TEUS, COC slipped 10% at 611,542 TEUs and total liftings declined by 21% at 1,145,725
TEUs.
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With 23% reduction in liftings, total turnover for the second quarter before exchange
difference, gain on sale of assets, and adjustment for unrealized loss on derivatives was
down by 29% at THB3,581 million. The decline in turnover was mainly due to the
decrease in liftings as well as lower freight rates in Q209 compared to last year. For the
first 6 months, total turnover before exchange difference, gain on sale of assets, and
adjustment for unrealized loss on derivatives was down by 25% at THB7,280 million.
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The Group returned three time-chartered vessels in late march and successfully
negotiated tariff reduction with a number of vendors. Although bunker price had picked up
since March, overall, the price was still lower than that of 2008. With the successful
implementation of these cost reduction initiative as well as lower bunker cost, the Cost of
Freight and Operation in Q209 reduced by 22% at THB3,627 million as compared to the
same quarter last year. For the first six months, the Cost of Freight and Operation
decreased by 13% year-on-year at THB7,656 million.
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In Q408 last year, the company provided an unrealized loss on derivatives amounted to
THB1,008 million. After taking into account the actual realized loss in Q109 and Q209, the
company recorded a net gain on derivative differences amounted to THB197.8 million and
THB62.5 million in Q109 and Q209 respectively.
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In the second quarter of last year, the Group disposed two vessels with a disposal gain of
THB673.6 million while there was no disposal activity in this quarter. In the first half of
2008, the Group recorded a total disposal gain of THB820.5 million while there was no
disposal activity in 2009.
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In Q209, the Group recorded a Gain on Exchange of THB94.8 million against a Gain on
Exchange of THB24.3 million in the same quarter last year. For the first six months, the
Group recorded a Loss on Exchange of THB69.9 million versus a Gain on Exchange of
THB216.2 million in first half of 2008.
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With reduction in liftings, lower freight rate and no disposal activity in this quarter, the
Group recorded a Net Loss attributable to equity holders at THB289.3 million for Q209
versus a Net Profit of THB688.3 million for the same quarter last year. For the first 6
months, the Group recorded a Net Loss attributable to equity holders at THB1,000.7
million versus a Net Profit of THB1,212.9 million for the same period in 2008.
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Regional Container Lines PLC
14 Aug 2009
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~~o~~o~~
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About RCL
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Founded in 1979, RCL is a Thai based container shipping line which was public listed on the Thai Stock Exchange since 1988. Its core business is in the carriage of Shipper owned containers (or SOC) and its own Carrier owned containers (or COC) within a service network that is fully Asia centric. RCL currently owns and operates a fleet of more than 40 vessels with sizes ranging between 500 TEUs to 3000 TEUs, with a fleet of 80,000 TEUs to support its own COC carriage as well. It also operates a network of 54 offices made up of both owned and agency offices to support its service structure. RCL is today recognized as amongst the leading SOC and Intra Asia COC operators by both peers and customers alike.
For media enquiries, please contact Michelle Ng at ph: (65)62292087 mail: michelle@rclgroup.com
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