P&O Nedlloyd Logs $21M Operating Profit

Thursday, May 06, 2004
P&O Nedlloyd's first quarter results for 2004 improved by $79 million compared to the same quarter 2003, moving from a loss of $58 million to an operating profit of $21 million.

Commenting on the Q1 result and the full year outlook, Royal P&O Nedlloyd CEO Philip Green said: "The improvement of our financial performance is encouraging in what is traditionally the weakest quarter of the year. We continue to set our sights higher and we are determined to deliver a further improvement in profitability during the course of this year."

"Supply and demand for container shipping looks favorable for 2004 and, provided world trade continues to grow, the outlook for freight rates is positive and in line with our previous expectations."

A feature in the quarter's results has been the improvement in average freight rates, up 15 percent overall on Q1 2003. The increases have been particularly strong in the Europe Asia Trades (19 per cent) and Americas (17 per cent) compared with the same quarter last year.

On a comparable basis with Q1 2003 volumes shipped grew by 7 percent. Total volume growth was 5 percent including the impact of closing some loss making trades.

Maritime Today

The Maritime Industry's original and most viewed E-News Service

Maritime Reporter November 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds


Norway's Offshore Shipping Sector Faces Bleak Year

Norwegian companies that provide supply ships and drilling rigs to the global oil industry face a bleak year ahead as contracts disappear and financing options

MacArtney, Moog Focal in Expansion Mode

Moog Focal Technologies Corporation and the MacArtney Group have agreed to intensify their multi-service partnership aiming at expanding their long-term business

GOST Debuts New Technology at Workboat

GOST (Global Ocean Security Technologies), celebrating its 10th year as a world leader in marine security, tracking, monitoring and video surveillance systems,

Maritime Careers / Shipboard Positions Maritime Contracts Naval Architecture Navigation Offshore Oil Pipelines Ship Repair Shipbuilding / Vessel Construction Sonar Winch
rss | archive | history | articles | privacy | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.0704 sec (14 req/sec)