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Container volumes surge for NOL

Container volumes surge for NOL

Singapore: Container volumes handled by Neptune Orient Lines continued to surge during the second month of the year, and freight rates were also on the rise. NOL said it handled 189,100 feu in the period February 6 to March 5, up 37% on the same period a year earlier. The surge in volumes came during the traditionally slack period over the Chinese New Year holidays. NOL said the increase was mainly due to higher volumes from the transpacific and intra-Asia trade routes. Year-to-date volumes have increased by 52%. Average freight rates across all trades also increased by 8% to $2,575 per feu compared to the same period in 2009. The company said rates were up largely due to improved core freight rates and higher bunker recovery. Year-to-date freight rates were 2% lower than in the same period last year. [30/03/10]

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