Shipping overcapacity sinks NOL deeper into the red in Q1

Singapore

NEPTUNE Orient Lines (NOL) on Friday reported a wider net loss for the first quarter in 2016 from a year ago, reflecting the worsening overcapacity of shipping tonnage carried over from 2015 into the first three months of the year.

This comes as French shipping company CMA CGM's proposed cash acquisition of NOL received approval in late April from the European Commission; the remaining pre-conditions related to antitrust regulatory clearances should be satisfied by mid-2016, NOL said.