Business News

Jun 22, 2009, 10:40 GMT

Fall in cargo volume eases at Singapore's Neptune Orient Lines

Singapore - Container shipping volume at Singapore's Neptune Orient Lines (NOL) fell by 21 per cent for the four weeks to May 29 compared to the same period a year ago, the company said Monday. For NOL, one of the biggest container shippers worldwide, it was the smallest fall since it posted a 35-per-cent drop in volume for the four-week operating period to February 6. From May 2 to May 29, NOL moved 159,100 40-foot equivalent units (FEU), down from 201,700 FEU in the same period in 2008, the company said in a statement. The decrease in volume was due to the decline in demand amid the global economic downturn. Average revenue per FEU fell 23 per cent to 2,326 US dollars. NOL had already announced that it expected to post a 'significant' loss for the whole year 2009.

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