NOL cuts first quarter losses

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Carl Collen

BY CARL COLLEN

NOL cuts first quarter losses

Neptune Orient Lines sees Q1 loss sliced from US$98m last year to US$11m

NOL cuts first quarter losses

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Neptune Orient Lines (NOL) Group has reported a first quarter 2015 net loss of US$11m, compared to a US$98m net loss in the same period last year.

The group posted a positive first quarter 2015 Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) of US$30m, compared to a US$65m loss last year.

Revenue declined 13 per cent to US$2bn in the same period due to freight rate erosion, planned capacity cuts in unprofitable trades and adverse impact from the US West Coast port congestion.

“The Group’s container shipping business continued to operate in a challenging environment. Nonetheless, APL has reduced its losses through capacity management, and improved cost and operational efficiencies,” said NOL Group President and CEO Ng Yat Chung. “While congestion in the US West Coast is easing, the liner industry continues to face persistent over-capacity and uncertain global economic prospects.”

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