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Sharp drop to NOL volumes in late 2008

Sharp drop to NOL volumes in late 2008

Singapore: Neptune Orient Lines (NOL) has announced that its container shipping volumes fell 24% in the period between Nov. 15 to Dec. 26 2008, as compared to the same time the previous year, Xinhua reports. The container carrier is said to have moved 218,000 feu in the six week period compared with 288,600 a year earlier.

NOL is reported as attributing the decline to the rapid deterioration in demand on all major trade lanes and measures that it took to manage costs.

However, the company said the average revenue per container during the period was around 3% higher to $2,921, and overall volumes for 2008 rose by 5% to around 2.46m feu.  [20/01/09]