NOL volumes dip in August

Singapore - Neptune Orient Lines's (NOL) shipping volumes and average revenue continued to slump in the four weeks to 21 August.

The shipper carried 192,800 FEU (40 foot equivalent units) in the period, down from 208,200 a year earlier. The latest dip in volume equates to a 7% year-on-year decline and is the smallest volume contraction from the beginning of the year, Reuters reported.

"The decrease in volume was due to the decline in demand on nearly all major trade lanes, partially offset by improvement in intra-Asia trade volumes," said NOL.

In August, average revenue from each container fell 30% year-on-year to US$2,189, attributed to lower core freight rates and lower bunker recovery, Channel New Asia (CNA) said.

For the month of July, NOL reported an 11% year-on-year contraction.

The company previously reported a US$391 million loss for the first half of this year and said it expects to suffer a full year loss this year. 

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