NOL's Q3 net loss quadruples to US$96m

Singapore

NEPTUNE Orient Lines (NOL) slipped deeper into the red for the third quarter with a net loss of US$96 million, compared to US$23 million a year ago, on continued headwinds in its core container shipping business.

Revenue for NOL's container shipping unit APL was down 29 per cent at US$1.2 billion as average freight rates plunged 21 per cent on overcapacity in the industry.