News / NOL racks up its third successive year of losses, reporting $181m of red ink in 2015

Singapore-based shipping line NOL posted a net loss of $181m in 2015, after a disastrous fourth quarter which saw its APL container line heavily discounting freight rates to fill ships.

Although the result represented a 30% improvement on the $260m loss in 2014, the company was obliged to submit a note to the Singapore stock exchange after recording three consecutive years of losses.

APL’s revenue slumped 24% on the previous year, to $5.4bn, as box volumes fell 13% to just under 2.5m teu and its average ...