Container shipper Neptune Orient Lines Ltd posted a net loss of $97.9 million for the quarter ended April 4, a narrower loss from the previous quarter.
NOL, in which Singapore's state investor Temasek Holdings has a 67 percent stake, recorded a net profit of $75.5 million for the first quarter of 2013, which was a result of one-off gain on selling its corporate headquarter in Singapore.
The company posted a 4 percent drop in revenue to $2.3 billion.
"Oversupply of shipping capacity will continue to exert pressure on liner freight rates," NOL said in a statement. "The group aims to improve its financial performance in 2014, through its continued focus on cost discipline and drive for operational efficiency."
Reporting by Rujun Shen