NOL Records Q3 Loss, Freight Market Remains Weak
Shipping company Neptune Orient Lines Ltd (NOL) said on Friday its third-quarter net loss widened from a year earlier to $96 million, due to weak freight rates.
NOL, controlled by Singapore's state investor Temasek Holdings, reported a revenue of $1.2 billion for the third quarter, which fell 28 percent on the year.
"The absence of the traditional third-quarter peak season in Europe and North America led to severe freight rates erosion in major trade lanes," said NOL Group President and CEO Ng Yat Chung in a statement.
Reporting by Rujun Shen