samudera shipping line ltd (SAMU) Snapshot

The Board of Directors of Samudera Shipping Line Ltd. announced the resignation of Mr. Torkis David Parlaungan Batubara as an Executive Director and the Chief Executive Officer of the company with effect from 22 May 2013. Mr. David Batubara will also cease as a member of the Nominating Committee. Mr. Asmari Herry Prayitno, who is an Executive Director and the Chief Operating Officer of the company, will be appointed as the Interim CEO with effect from 22 May 2013 and will undertake the duties and responsibilities of the CEO during the interim period, pending the search for a replacement to fill the CEO position.

The board of directors of Samudera Shipping Line Ltd. announced the following changes with effect from April 24, 2013: Mr. Masli Mulia will be re-designated as the Executive Chairman of the company's board of directors; Mr. Nicholas Peter Ballas, who is currently a Non-Executive and Independent Director, will be appointed as the company's Lead Independent Director and the Chairman of the Audit Committee (AC) in place of Mr. Chng Hee Kok, who will remain as a member of the AC; and Mr. Chng Hee Kok, who is a Non-Executive and Independent Director, will be appointed as the Chairman of the Nominating Committee (NC) in place of Mr. Lee Chee Yeng, who will remain as a member of the NC.

Samudera Shipping Line Ltd. announced unaudited group earnings results for the first ended March 31, 2013. For the period, the company reported revenue of $96,315,000 against $110,449,000 a year ago. Loss from operations was $3,204,000 against $2,322,000 a year ago. Operating loss was $4,086,000 against $3,391,000 a year ago. Loss before tax was $3,696,000 against $3,048,000 a year ago. Loss after tax attributable to owners of the company was $4,423,000 or 0.82 cents per diluted share against $3,864,000 or 0.72 cents per diluted share a year ago. Net cash generated from operating activities was $9,040,000 against $3,356,000 a year ago. Acquisition of property, plant and equipment was $1,207,000 against $3,670,000 a year ago.