Container slump pushes NOL to first quarter loss

The slump in container markets saw Neptune Orient Lines (NOL) slip back into the red in the first quarter. Having bounced back strongly in the second half of 2010 with a $416m full year profit, NOL found itself back in negative territory in the first quarter of this year. The Singapore-listed firm reported a $10m loss for the first quarter of 2011 on revenues of $2.44bn.


“In spite of year-over-year volume growth, a softer than expected Lunar New Year period and rising fuel costs have interrupted our momentum,” said Ron Widdows, ceo of NOL.
(Source:http://www.seatrade-asia.com)