Neptune Orient Lines (NOL), global container shipping, terminals and logistics group had a net loss of $741 million in 2009, from a $83m net profit in the previous year, the company's press release said.
NOL statistics show the company ended up Q4, the fourth quarter of 2009 with a $211m net loss of, against $149 million in Q4 2008.
NOL’s earnings before interest and taxes (EBIT) level was at $651 million for 2009, compared to a profit of $213 million in 2008. Core EBIT in Q4 2009 was a loss of US$183 million, compared with a Core EBIT loss of US$45 million for the corresponding period in 2008.
Revenue for 2009 was at $6.5 billion, a year-on-year 30 percent drop. The company has decided no dividends will be paid for 2009 fiscal year.
The NOL authorities said the substantial loss was due to the world economic crisis and a sharp reduction in demand and freight rates, largely in the first half of 2009.
However, NOL reports there have been improvements in volumes and asset utilization in NOL’s principal markets in early 2010. In addition, freight rates have stabilized and trended upwards in some trades.
Neptune Orient Lines (NOL) is a Singapore-based global container shipping, terminals and logistics company. Its container shipping arm, APL, provides world-class container shipping services and intermodal operations supported by leading-edge IT and e-commerce. Its terminals unit has one of the world's leading container terminal networks, with key gateway facilities in Asia and North America. Its logistics business, APL Logistics, provides international, end-to-end logistics services and solutions, employing the latest IT and data connectivity for maximum supply chain visibility and control.