Singapore: The head of NOL has warned on the incredibly poor peak season for container shipping. NOL, which runs boxline APL, yesterday revealed Q3 net profits of $20m.
“This is one of the weakest peak seasons we have seen in recent years, characterised by depressed freight rates and industry over-capacity,” said NOL Group ceo Ng Yat Chung (pictured). “Nevertheless, our business units delivered encouraging results.
We improved our operational performance significantly from last year. Our focus on operational efficiencies is putting us in good stead for the long term.” [31/10/13]