SINGAPORE, July 30 (Reuters) – Singapore’s Neptune Orient Lines Ltd (NOL) swung to a tiny net profit in its second quarter after six straight quarters of losses but said it had seen severe freight rate erosion.
“The group’s container shipping business continued to face a challenging environment characterized by over-capacity and weak market demand,” NOL Group CEO Ng Yat Chung said in a statement on Thursday. (http://bit.ly/1MVRJnG)
The container shipping line, controlled by Singapore’s state investor Temasek Holdings, reported a net profit of $3 million in the quarter ending June 30 versus a net loss of $54 million a year earlier.
[contextly_sidebar id=”HW7BkRcEoOSDcvPATunUyTyMHA6Lp88k”]People familiar with the matter told Reuters this month that Temasek had hired a bank to seek buyers for NOL. Temasek has declined comment, while NOL has said it not made any decision on a potential sale of the company.
NOL said that following the sale of its APL Logistics unit for $1.24 billion, it had used the proceeds to reduce its debt. (Reporting by Rujun Shen and Anshuman Daga; Editing by Prateek Chatterjee)
(c) Copyright Thomson Reuters 2015.
Join the gCaptain Club for curated content, insider opinions, and vibrant community discussions.
Join the 110,095 members that receive our newsletter.
Have a news tip? Let us know.
A Russian Navy frigate equipped with new generation hypersonic cruise missiles has conducted drills in the English Channel and is carrying out tasks in the Atlantic Ocean, Russian news agencies reported on Tuesday.
(Bloomberg) — Chinese lawmakers got a head start on the US election this week as they gathered to vote on the largest fiscal package since the pandemic. But now that...
by Ossian Shine, (Reuters) – Germany’s Red Bandit, skippered by Carl-Peter Forster, was crowned winner of the 45th Rolex Middle Sea Race, becoming the third German yacht to win the prestigious offshore challenge. Following...
Access exclusive insights, engage in vibrant discussions, and gain perspectives from our CEO.
Sign Up
Maritime and offshore news trusted by our 110,095 members delivered daily straight to your inbox.
Essential news coupled with the finest maritime content sourced from across the globe.
Sign Up
Join The Club
