Group EBIT for 3Q08 of $52m was down 75% from 3Q07, while third-quarter revenue was up 16% year-on-year to $2.4b. Announcing the results, NOL Group President and Chief Executive Officer, Mr. In 3Q08, NOL’s Container Shipping business, APL, recorded a 10% year-on-year rise in volumes in the third quarter to 622,000 FEU, driven primarily by the Intra-Asia trade, as well as an increase in Asia-Europe and Transpacific backhaul volumes. “APL volumes grew on a year-on-year basis, but overall demand in the main trades slowed considerably in the third quarter,” said Mr Widdows. APL’s average third-quarter 2008 overall headhaul utilization level was 90%, compared to 99% in 3Q07.