The $20m net profit for the third quarter was lower than the $50m profit the same period in 2012 year-to-date figures were much healthy than last year.
For the first nine months of 2013 NOL reported a net profit of $61m compared to a net loss of $321m in the period in 2012. Revenues for the third quarter of 2013 were down 10% year-on-year at $2.06bn.
Commenting on the results NOL ceo, Ng Yat Chung said: “This is one of the weakest peak seasons we have seen in recent years, characterised by depressed freight rates and industry overcapacity.
“Nevertheless, our business units delivered encouraging results. We improved our operational performance significantly from last year. Our focus on operational efficiencies is putting us in good stead for the long term.”
NOL’s core container shipping business APL reported core EBIT loss of $130m for the first nine months of 2013, an improvement over a core EBIT loss of $168m in the same period the year before.
Average freight rates per feu, across all trades APL operates in, fell in the first nine months fell 7% year-on-year to $2,355 per feu.
“We are taking decisive actions to trim capacity and reconfigure our service networks to better align to the lower demand levels,” said APL president Kenneth Glenn.
Copyright © 2024. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited. Add Seatrade Maritime News to your Google News feed.
