NOL Q2 revenues experience dip

NOL   SHIPPING  

Singapore - Neptune Orient Lines (NOL) has seen a net loss of US$57 million in the quarter ending July 1, thanks to a deteriorating global economy.

The global container shipping and logistics group has been affected by higher fuel costs and dwindling freight rates, resulting in weak revenues of US$2.15 million in the quarter.

Conditions are currently challenging for the shipping industry, according to NOL Group's CEO Ronald D. Widdows.

"In this environment we are working aggressively to bring down costs while keeping our assets well-utilised."

Meanwhile, NOL's Liner Shipping business APL has reported revenues of US$4 billion in the first half of this year, up 7% from a year ago. However, revenue per forty-foot equivalent unit (FEU) declined 3% due to lower freight rates in the Asia-Europe Trade.

"Our job now is the accelerate revenue growth while managing down costs in every aspect of our business; from terminal operations to the way we procure all other services," APL president Kenneth Glenn said.

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