NOL declares easing up of shipping volume drop

Singapore: Neptune Orient Lines (NOL), one the word's leading container shippers, Monday said its cargo volume for the four weeks to June 26 slipped 14% from the same period 2008, writes DPA. It was the smallest fall for NOL since the company posted a hefty 35% drop in shipping volume for the four-week operating period to February 6 and an improvement from the slump by 21% the company reported for the previous operating period to May 29.  

From May 30 to June 26, NOL moved 172,200 40-foot equivalent units (FEU), down from 201,000 FEU in the same period a year ago, NOL said in a statement. The decrease 'was due to the decline in demand on nearly all major trade lanes,' it added.  

However, while the fall in cargo volume eased, average revenue per FEU dropped sharply by 29% to 2,190 US dollars, down from 3,080 US dollars posted for the same period 2008. For the previous operating period to May 29 this year, NOL had reported a 23% slump in average revenue.

NOL already said it expected to post a 'significant' loss for the whole year 2009.  [21/07/09]