NOL sees box volume plunge

Singapore - Singapore's Neptune Orient Lines (NOL) said container shipping volumes has fallen by 24% between 15 November and 26 December last year, compared to the same period in 2007.

The container shipper moved 218,000 forty-foot equivalent units (FEUs) in the six week period compared to 288,600 FEUs in the same period a year earlier, Xinhua said, citing  a report by radio station 938Live.

NOL said the decline was due to a rapid deterioration in demand on all major trade lanes and measures it took to manage costs.

However, the company reported that the average revenue per container during the period was around 3% higher at US$2,921 and overall volumes for 2008 rose by 5% to approximately 2.46 million FEUs.