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From the shipping perspective, although demand in the USA and Europe has not bounced
back to level enjoyed in 2008, volume did however improved and rates held at a better
level than previous quarter. The Intra-Asia trade, with stronger consumer confidence, saw
an improvement in the volume as compared to the first nine months of year 2009.
Recently, there were some signs that both the freight rates and volume had bottomed due
to the common approach by the industry to look for additional revenue in the light of rising
cost such as bunkers and the continuous weakening of the US dollar. Shipping lines were
rolling out rate recovery and implemented the peak season surcharge in certain areas as
planned.
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Despite the improvement in quarter-on-quarter volumes the Group¡¯s Shipper Owned
Container (SOC) liftings in 4Q09 declined by 15% year-on-year at 290,016 TEUs. This
was partially due to lower East West Trade volume and reduction in the tonnage
deployed, as the Group returned more time-chartered vessels. With stronger recovery in
the Intra-Asia trades, the Group¡¯s Carrier Owned Container (COC) liftings reduced only by
2%, at 335,163 TEUs. Overall, in 4Q09, total liftings of the Group recorded a 9% decline
year-on-year at 625,179 TEUs. In comparison with the full year ended 31 December, SOC
liftings dropped 27% at 1,106,502 TEUS, COC slipped 9% at 1,258,953 TEUs and total
liftings declined by 18% at 2,365,455 TEUs.
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With 9% reduction in liftings, total turnover for the fourth quarter before exchange
difference, gain on sale of assets and investments, and adjustment for unrealized loss on
derivatives was down by 23% at THB3,665 million. The decline in turnover was mainly
due to the decrease in liftings as well as lower freight rates in 4Q09 compared to last year.
For the full year, total turnover before exchange difference, gain on sale of assets and
investments, and adjustment for unrealized loss on derivatives was down by 27% at
THB14,454 million.
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The Group returned one expensive time-chartered vessels in September and successfully
negotiated tariff reduction with a number of vendors. Although bunker price had picked up
substantially 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 4Q09 reduced by 22% at THB3,843 million as
compared to the same quarter last year. For the full year, the Cost of Freight and
Operation decreased by 19% year-on-year at THB15,272 million.
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In 4Q09, the Group disposed some containers to record a disposal gain of about THB34.0
million. For the full year, the Group recorded a total gain on sale of assets and
investments of THB100.5 million as compared to THB983.3 million in 2008.
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In 4Q09, the Group recorded a Gain on Exchange of THB5.6 million as compared to a
Gain on Exchange of THB37.4 million in the same quarter last year. For the full year, the
Group recorded a Loss on Exchange of THB20.9 million versus a Gain on Exchange of
THB111.7 million in 2008.
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With reduction in liftings compared to same quarter of 2008 and lower freight rates in this
quarter, the Group recorded a Net Loss attributable to equity holders at THB2,196.2
million for 4Q09 versus a Net Loss of THB1,609.4 million for the same quarter last year.
For the full year, the Group recorded a Net Loss of THB3,785.9 million versus a Net Loss
of THB837.0 million in 2008. The Loss was mainly due to property¡¯s and vessels¡¯
impairment of THB 775 million and THB 853 million respectively. The assets value was
suppressed by oversupply, although the global economy began to show signs of recovery.
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Regional Container Lines PLC
26 Feb 2010
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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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