NOL Posts Loss
Neptune Orient Lines (NOL), the parent of containerline, APL, narrowed its fourth-quarter loss to US$75.45 million as the shipping company cut costs amid ongoing weakness in the industry. For the full year, NOL swung to a net profit of US$707.2 million, or 27.27 US cents per share, from a year-ago loss of US$259.8 million. Revenue fell 28 per cent during the quarter to US$1.3 billion amid planned capacity cuts, void sailings, weak container trade demand and a challenging freight rate environment. "The fourth quarter was particularly a difficult quarter for the liner industry as a whole," Ng Yat Chung, group president and CEO said. But NOL also reduced cost of sales by 28 per cent to US$1.2 billion, while cutting operating expenses by 29 per cent to US$135.6 million.
PetroCom Launches VSAT System
PetroCom’s new Very Small Aperture Terminal (VSAT) satellite communication system is structured around private communication networks. Built with the newest technologies and equipment, this system is designed to offer the ability to turn bandwidth on and off, re-allocate bandwidth or schedule increased bandwidth as business needs change. Recently, PetroCom signed agreements to provide VSAT voice and data services for Onyx Special Services, Superior Offshore International and Tetra Applied Technologies. Last month, Helix Energy Solutions tapped PetroCom to provide VSAT services for its offshore fleet. Multiplex VSAT communication networks with speeds from 64 to 512K are available for fixed and stabilized applications.
