Singpore based shipper Neptune Orient Lines (NOL) has thumbed its nose at the global recession with its third quarter results, posting a net profit of US$282m for the quarter ended 17 September.
NOL’s result is the second positive quarter in a row, driven on by recovering demand and higher freight rates, reported the Straits Times.
The profits are a turnaround from a US$139m loss a year ago. The shipping line, which operates container unit APL, also saw a US$100m net profit in the second quarter this year.
Revenues grew 55 per cent US$2.4bn for the quarter, bringing NOL up to a net profit US$283m for the first nine months of the financial year.
Container shipping demand has boosted back to healthy levels in Asia as the effects of the global financial crisis fade, and shipping lines globally have steadily returned freight rates to levels they see as sustainable.
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