Seatrade Maritime is part of the Informa Markets Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them. Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.
HomeMaritime NewsRegionsAsiaNOL hit with $254m Q1 net loss

NOL hit with $254m Q1 net loss

NOL hit with $254m Q1 net loss
Singapore: Singapore's NOL fell further into the red with a whopping $254m net loss in the first quarter of 2012 as the container shipping market continues to struggle with high fuel costs and low freight rates.

The biting net loss was much worse compared to a loss of $10m in the same period of last year.

Singapore-listed NOL also posted a slight 3% decline in first quarter revenue to $2.38bn from $2.44bn in the corresponding period of 2011.

NOL expects financial performance to remain weak if conditions for rates and fuel costs do not improve.

“There were positive signs in the first quarter – the freight rates increases in March and growth in the logistics business,” said Ng Yat Chung, group ceo of NOL. “But we must continue to aggressively manage our operating costs, and streamline our organisation for greater efficiency.”

Related
SIPG container yard
Top China ports see 10% container volume growth in Q1
May 16, 2024
An overhead shot of containerships in port
Unmasking the extent of container shipping’s potential overcapacity
May 16, 2024
US President Biden giving State of the Union Address
China accuses US of weaponising trade with new tariffs
May 15, 2024
RCL's Jaru Bhum at sea
RCL profits from increased freight rates, cost control in Q1
May 15, 2024