NOL APL ship

Shipping and logistics firm Neptune Orient Lines (NOL) has reported a US$98m net loss for the first quarter of 2010, 60 per cent less than the US$245m loss for the same period last year.

Revenue was US$2.1bn, a 36 per cent increase from US$1.5bn a year ago.

"The result, while reflecting improvement, still is not satisfactory, but the increase in volume and revenue provides a foundation for turning around our performance as the global economy recovers," said NOL president and CEO Ronald Widdows.

The group's container shipping line APL reported a 46 per cent increase first quarter volume, while revenue was up 39 per cent to US$1.8bn on the back of strengthening global trade.

"We began to see more positive movement in the first quarter on rates and volumes across our major trade lanes," said APL president Eng Aik Meng.

Mr Eng said rates lagged in some trade lanes, because of contracts signed during the economic downturn, but most of these contracts will expire in May and would be renegotiated.