News / APL's first quarter disappoints, as excess tonnage cascades onto intra-Asia routes

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Singapore-headquartered Neptune Orient Lines’ container arm, APL, is yet another carrier hobbled by the nemesis of low freight rates in the first quarter, plunging the group to a net loss of $98m after a full-year loss of $76m in 2013.

Interestingly however, it was not the normal weak link of Asia-Europe that was directly to blame for the Q1 6% year-on-year decline in APL’s overall average rate per feu to $2,233. It was weaker freight rates on the carrier’s transpacific and ...