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NOL reports Q3 net loss of US$96m on weak freight market
[SINGAPORE] Shipping company Neptune Orient Lines Ltd (NOL) said on Friday its third-quarter net loss widened from a year earlier to US$96 million, due to weak freight rates.
NOL, controlled by Singapore's state investor Temasek Holdings, reported a revenue of US$1.2 billion for the third quarter, which fell 28 per cent on the year. "The absence of the traditional third-quarter peak season in Europe and North America led to severe freight rates erosion in major trade lanes," said NOL Group President and CEO Ng Yat Chung in a statement.