The Earth Times
Singapore’s Neptune Orient Lines (NOL), one of the world’s largest container shippers, said Tuesday that its cargo volume for the six weeks to February 6 slumped 35 per cent over the same period last year due to shrinking demand. From December 27-February 6, NOL moved 188,400 40-foot equivalent units (FEU), down from 289,400 FEU in the same period a year ago, the company said in a statement.
Average revenue per FEU declined 11 per cent to 2,646 US dollars.
“The decrease in volume is due to the continued deterioration in demand on all major trade lanes and an earlier Lunar New Year compared to prior year,” NOL said.
NOL already posted a net loss of 149 million US dollars for the fourth quarter of 2008, due to a rapid drop in cargo volume following the global economic downturn.
Net profit for 2008 reached 83 million US dollars, a slump of 84 per cent from the previous year. NOL, which is 66-per-cent-owned by Singapore’s state investor Temasek, expects to report a loss for 2009.