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 May 2016 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Cruise Ship Trends

FAL Engages Inland Marine Service for Marine Operations

French America Line, the newest U.S. cruise line that begins sailing five- to 10-day cruise itineraries aboard its intimate 75-stateroom flagship Louisiane in August,

Mumbai Port to Revamp Int'l Cruise Terminal

Indian Merchants’ Chamber provides a platform to urban developers to address various issues pertaining to the restructuring of Mumbai City Mumbai, May 23, 2016:

HUMMEL LNG Hybrid Barge Begins Second Season

For over one year the HUMMEL has been contributing to improved air quality at the port of Hamburg. Becker Marine Systems’ LNG Hybrid Barge will also be supplying

Finance

DP World Launches $1.2 bln Sukuk Issue to Cover Tender

Dubai-based ports operator DP World launched a seven-year $1.2 billion sukuk issue on Tuesday, a document from lead managers showed.   The issue, structured to

Baltic Index Falls on Weaker Demand

The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry bulk commodities, fell on Tuesday as demand for larger vessel segments declined.

China Shipbuilding Plans Major Restructuring

State-owned China Shipbuilding Industry Corp (CSIC) is undertaking a major restructuring as it grapples with an industry downturn, and it will be the largest restructuring

 
 
Maritime Contracts Maritime Standards Navigation Pipelines Pod Propulsion Ship Electronics Ship Repair Ship Simulators 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: 0.0765 sec (13 req/sec)