News / NOL sails back into the red, blaming weak container market for APL revenue plunge

© Khunaspix Dreamstime.

Neptune Orient Lines (NOL) today blamed weak global demand and a “huge contraction in freight rates” for its slide back into the red in the third quarter.

Today the company reported a net loss of $96m, following a Q2 profit, and compares with a net loss of $23m in the third quarter of last year.

Revenues at its APL container division plunged by 29%, compared with the same period of 2014, while its average freight rate was 21% worse.

NOL said: “Persistent overcapacity ...