Singapore’s Neptune Orient Lines posts decrease in cargo volume

May 26, 2009
Singapore Democrats

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Singapore’s Neptune Orient Lines (NOL), one of the biggest container shippers worldwide, Monday said its cargo volume for the four weeks to May 1 had slipped by 22 per cent compared to the same period a year ago.

From April 4 to May 1, NOL moved 157,800 40-foot equivalent units (FEU), down from 203,000 FEU in the same period of 2008, the company said in a statement.

Average revenue per FEU fell 21 per cent to 2,322 US dollars.

“The decrease in volume was due to the decline in demand on all major trade lanes,” NOL said.

The shipping company, which is controlled by the Singapore government-owned investor Temasek Holding, had posted a net loss of 245 million US dollars for the first quarter 2009, a turnaround from a profit of 121 million US dollars for the same period last year.

NOL said it expected to post a ‘significant’ loss for the whole year.