NOL reports sharp rise in rates and volumes

Singapore: Container volumes and freight rates continued to rise sharply for Neptune Orient Lines in May. NOL reported a 34% jump in the volume of containers handled between May 1 and May 28, to 212,000 feu compared to 159,100 feu in the same period a year earlier. Year-to-date the line handled 1.13m feu up 41% on 798,400 feu in the previous year. The average rate per feu in May this year was $2,768 across all trades, 19% higher than the same period in 2009. Average rates are now back to the levels of the end of 2008. [21/06/10]