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NOL slumps to $741m full year loss

NOL slumps to $741m full year loss

Singapore: Neptune Orient Lines reported a $741m loss last year and is uncertain if the current upturn in container markets is sustainable.
The world's seventh largest container line saw its revenues tumble 30% year-on-year to $6.5bn as container volumes for the year fell by 7% to 2.3m feu, and average freight rates per feu plunged 25% to $2,286.
While the company said both freight rates and demand has surged across major trades over recent weeks it said was too early to tell if this turnaround was sustainable.
NOL president and ceo Ron Widdows said the upturn in demand had more to do with customers inventory restocking rather than a fundamental change in demand.
He noted though if current conditions continued a "better business performance" was than the previously forecast of NOL continuing to make losses for the first half of 2010.  [11/02/10]

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