Singapore: In announcing its annual results yesterday, Singapore’s Neptune Orient Lines (NOL) warned that rates are set to remain tight. NOL, which runs containerline APL, said recent large orders for new vessels will “pressure freight rates” in a low growth environment.
NOL also warned that cascading of tonnage continues to impact all tradelanes.
NOL reported a full year loss of $76m for 2013 down from 2012’s loss of $412m.
Trying to put a positive spin on the outlook APL president Kenneth Glenn said: “APL’s improved cost structure will sustain our long-term growth, evidenced by our improving operating results.” [21/02/14]