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Must send hampers to NOL management & directors! KNNCCB! :oIo::oIo:
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1036971/1/.html
Singapore News
NOL reports full-year loss of US$741m
By Chris Howells, Channel NewsAsia | Posted: 11 February 2010 2202 hrs
Photos 1 of 1
Neptune Orient Lines
SINGAPORE : Shipping firm Neptune Orient Lines (NOL) on Thursday said it suffered a full-year loss of US$741 million, overturning a profit of US$83 million the previous year.
Its fortunes were hit by the tough operating conditions for the container shipping sector in 2009.
But for this year, NOL said it is starting to see improvements in freight rates, although the outlook remains uncertain.
The seas are still rough for global trade flows and NOL is no stranger to those waters.
The company said that despite the improvement in freight rates and volumes in the first quarter of this year, rates remain low compared with 2008.
Average revenue per forty-foot container fell 25 per cent on-year in 2009, and was down 28 per cent on a quarterly basis.
And with uncertainty continuing, the company said that losses are likely to continue into the first half of this year.
Ronald Widdows, group president and CEO, NOL, said: "That is quite likely. It is early days. We have had a dramatic development in the market place. Things have changed rather rapidly in a very narrow period of time. And it is very hard to predict if that is sustainable or not."
For the fourth quarter, NOL lost US$211 million, compared with US$149 million a year ago. Revenue for the quarter fell 12 per cent to US$2.02 billion.
NOL is hoping that improving freight rates will mean better times for its business.
Eng Aik Meng, president, APL, said: "We see a big rebound in the intra-Asian trade, particularly into the Middle East and India, and if this continues, we will see better results."
The container shipping business accounts for about 80 per cent of NOL's revenue. But analysts said that it will take time for the shipping sector to bounce back from recession times.
NOL expects capital expenditure to grow this year, but said it will still be lower than previous years. - CNA/ms
http://www.channelnewsasia.com/stories/singaporebusinessnews/view/1036971/1/.html
Singapore News
NOL reports full-year loss of US$741m
By Chris Howells, Channel NewsAsia | Posted: 11 February 2010 2202 hrs
Photos 1 of 1
Neptune Orient Lines
SINGAPORE : Shipping firm Neptune Orient Lines (NOL) on Thursday said it suffered a full-year loss of US$741 million, overturning a profit of US$83 million the previous year.
Its fortunes were hit by the tough operating conditions for the container shipping sector in 2009.
But for this year, NOL said it is starting to see improvements in freight rates, although the outlook remains uncertain.
The seas are still rough for global trade flows and NOL is no stranger to those waters.
The company said that despite the improvement in freight rates and volumes in the first quarter of this year, rates remain low compared with 2008.
Average revenue per forty-foot container fell 25 per cent on-year in 2009, and was down 28 per cent on a quarterly basis.
And with uncertainty continuing, the company said that losses are likely to continue into the first half of this year.
Ronald Widdows, group president and CEO, NOL, said: "That is quite likely. It is early days. We have had a dramatic development in the market place. Things have changed rather rapidly in a very narrow period of time. And it is very hard to predict if that is sustainable or not."
For the fourth quarter, NOL lost US$211 million, compared with US$149 million a year ago. Revenue for the quarter fell 12 per cent to US$2.02 billion.
NOL is hoping that improving freight rates will mean better times for its business.
Eng Aik Meng, president, APL, said: "We see a big rebound in the intra-Asian trade, particularly into the Middle East and India, and if this continues, we will see better results."
The container shipping business accounts for about 80 per cent of NOL's revenue. But analysts said that it will take time for the shipping sector to bounce back from recession times.
NOL expects capital expenditure to grow this year, but said it will still be lower than previous years. - CNA/ms
