NOL Group Reports $478m Loss

Wednesday, February 22, 2012
NOL Group today reported a $478 mnet loss in 2011 following net earnings of $461m in 2010.  The container shipping and logistics company said unsettled economic conditions, high fuel costs and lower freight rates impacted results. In assessing the market going forward, it did not appear confident in a near term turn around, saying:
"Recent freight rates show signs of improvement. However the global economy remains uncertain. The container shipping industry continues to face high fuel costs and overcapacity.  If these conditions continue, financial performance will remain weak."
“The performance of container shipping is disappointing.” said Group CEO Ng Yat Chung.  “Over-capacity and higher fuel costs have negatively affected the whole container shipping industry.  We are urgently addressing costs and all other factors under our control to improve our performance.”
NOL said 2011 revenue decreased 2% to US$9.2 billion.  The Group reported a Core EBIT (Earnings Before Interest and Taxes) loss of US$377 million for the year.  It reported a fourth quarter 2011 net loss of US$320 million.  NOL’s supply chain management business, APL Logistics, reported record performance in revenue and Core EBIT.  
APL, NOL Group’s liner shipping business, reported 2011 revenue of US$7.9 billion, down 5% from 2010.  It announced a Core EBIT loss of US$446 million.  Volume increased 5% year-on-year. Average Revenue Per FEU (forty-foot equivalent unit) was down 10%.  APL said the average price of bunker fuel was 33% higher in 2011.  “The volume increase was offset by downward pressure on freight rates and high fuel costs,” said APL President Kenneth Glenn.  “We must continue to drive down costs and make better cargo selection decisions in the face of this industry-wide trend.”    
APL Logistics reported 2011 revenue of US$1.4 billion, up 12% from 2010.  Core EBIT was US$69 million.  Both were all-time highs for the business.  Growth in auto logistics and a strong first half in international logistics contributed to the results.  “The diversity of our portfolio led to record high revenue and profitability,” said APL Logistics President Jim McAdam.  “We will continue to invest in our business infrastructure and logistics network to support business growth.”
Maritime Reporter June 2015 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

People & Company News

Dittmann Named Chairman of SEA Europe

Kjeld Dittmann, the Managing Director of Lyngsø Marine A/S, is the new Chairman of the European Ships and Maritime Equipment Association (SEA Europe).    He succeeds Govert Hamers,

Ex-BP Engineer Deserves New Gulf Spill Trial -US Appeals Court

A former BP Plc engineer deserves a new trial on an obstruction of justice charge related to the 2010 Gulf of Mexico oil spill, a federal appeals court ruled on Tuesday.

Shipping Confidence at 7-year Low -Survey

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years,

Finance

Monopiles Terminal to Be Built in Rotterdam

Sif and Verbrugge to build terminal for offshore wind energy on Maasvlakte 2   Sif Group, Verbrugge International and the Port of Rotterdam Authority have signed

Shipping Confidence at 7-year Low -Survey

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years,

Teekay Sells FPSO, Announces Dividend Boost

Teekay Corporation to complete sale of the Knarr FPSO and announces dividend increase of 75 percent   Teekay Corporation announced today that its board of directors

Container Ships

Shipping Confidence at 7-year Low -Survey

Overall confidence levels in the shipping industry fell during the three months to May 2015 to a level equal to the lowest rating recorded in the past seven years,

Evergreen Names Penultimate L-type Containership

A naming ceremony was held for the Evergreen Group’s newest containership, Ever Lovely, the ninth of its L-type vessels to be built by CSBC Corporation in Taiwan

CMA CGM, Chinese Bank in Finance Deal

French container shipping group CMA CGM said on Tuesday it will sign a $1 billion financing agreement with the Export-Import Bank of China. Marseilles-based

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Offshore Oil Pipelines Port Authority Salvage Ship Electronics Ship Simulators Shipbuilding / Vessel Construction
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: 0.1633 sec (6 req/sec)