Ocean Alliance suspends transpacific PSW11 service
Despite reports that some major US importers have decided to resume shipments out of China ...
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By Mike Wackett
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 ...
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