Dutch shipping firm Koninklijke Nedlloyd Groep NV posted a first-quarter net loss of 17 million euros, but said it expected full-year results from
ordinary activities to be "clearly positive." The shipping and road transport group, which holds a 50 percent stake in the P&O Nedlloyd joint venture with Britain's P&O, said its losses equaled those in the first quarter of 1999 and were largely due to strength in the U.S. dollar versus the euro. P&O Nedlloyd reported a first quarter pre-tax loss of $29 million versus a $36 million loss a year ago.
On Tuesday, P&O Nedlloyd announced that Tim Harris had resigned as director and chief executive. P&O director Robert Woods was appointed group managing director.