South East Asia's largest container carrier, Neptune Orient Lines (NOL), reported its biggest quarterly net loss in seven years at US$244.6m for Q1.
That compared to the company's net income of US$120.7m a year earlier, reported Bloomberg.
Revenue dropped 36 per cent to US$1.5bn over the same three month period ending 3 April, and volumes fell 27 per cent.
NOL's CEO Ron Widdows has taken a pay cut as a result of the income loss, and the company has laid up more ships as demand falls.
The shipping line's prognosis for the rest of the year was bleak: 'For the rest of the year, NOL anticipates a continuation of adverse business operating conditions,' NOL said in a statement. 'NOL reiterates that it expects to post a significant full-year loss.'
APL, NOL's container shipping unit, accounted for most of the decline, with net loss of US$236m before interest and taxes in the first quarter. Revenue fell 36 per cent to US$1.29bn.
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