Neptune Orient Lines, the world’s fifth largest container shipping firm, reported a wider-than-expected fourth-quarter net loss but said business conditions have improved. The company … has cut staff and reduced capacity over the past 15 months to cope with weaker cargo volumes, but it said demand is gradually returning. “There have been improvements in volumes and asset utilisation in NOL’s principal markets. In addition, freight rates have stabilised and trended upwards in some trades,” NOL said on Thursday. “If these conditions continue, better business performance is possible. However, significant risks remain, particularly the sustainability of demand and higher fuel costs.” NOL competes with global shipping companies including Maersk, a unit of A.P. Moller-Maersk Group, Germany’s Hapag-Lloyd and Taiwan’s Evergreen Marine.
From Reuters, February 11, 2010
