Neptune Orient Lines (NOL) suffered a sudden dip in share prices yesterday because of concerns about the container shipping market.
The Singapore-based line’s shares fell as much as 4.3 per cent on Monday, the latest decline in a year that has seen NOL’s stock values fall more than 50 per cent to date, reported Reuters.
“The economic outlook is not great, and there is too much capacity in the industry,” Suvro Sarkar, an analyst at DBS Vickers, told the news service.
“There has to be a coordinated idling of ships. If they continue to undercut each other and put on capacity and compete on prices, everyone will suffer.”