Singapore's NOL Group has announced a net loss of US$91m for the third quarter of 2011 compared to a profit of US$282m in the same period last year.
The global container shipping and logistics provider said its APL Logistics business reported higher revenue and a 9 per cent year-to-date gain in Core EBIT (Earnings Before Interest and Taxes). But the container shipping business incurred losses in line with an industry-wide trend.
"The liner shipping industry is faced with slowing trade demand, excess capacity and fuel costs that are significantly higher than a year ago," said NOL Group CEO Ng Yat Chung in a statement. "Our urgent priority is to drive down costs and increase efficiency."
NOL reported third quarter 2011 revenue of US$2.2bn, down 9 per cent from a year ago.
Through three quarters of 2011, NOL has a net loss of US$158m.