NOL reveals $391m interim loss

Singapore: Neptune Orient Lines, the largest container player in southeast Asia, notched up a $391m loss in the first half on revenues of $2.9bn. The figures contrast poorly with the same period in 2008 when NOL scored a $196m profit and revenues of $4.6bn.
The firm's chief executive, Ron Widdows, said volumes had stabilized but rates continued to be awful.
"Although volumes and operating performance improved in the latter months of the first half, business conditions remained depressed, and this continued to impact our financial performance," said Widdows.
NOL's containerline APL moved 970,000 feu in the fist half, down 24%. However, in the second quarter there were signs of improvements - the line moving 489,000 feu, down just 19%.
NOL revealed that average freight rates in the first half were $737 lower on average than in the same period in 2008 at just $2,277 per feu. [06/08/09]