P&O Nedlloyd announced that it achieved an operating profit of $84 million in 4Q 2003, compared with an operating loss of $49 million in 4Q 2002. Driving the improved performance: average freight rates increased 16 percent over 2002, and volumes shipped were up 5 percent.
Commenting on the future, the company sees a favorable trend in freight rates, and provided trade growth continues as in 2003, the outlook for the container shipping industry remains positive for 2004 although cost pressures remain.
"During 2003 the P&O Nedlloyd team
succeeded in turning a prior year operating loss of $206 million into an operating profit of $96 million - a positive swing of $302 million in our financial performance. This is a significant achievement, but we need to do more. We are committed to further improving our financial performance this year,” said P&O Nedlloyd CEO Philip Green