NOL says no plans to drop slow-steaming despite low bunker price

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Singapore’s NOL, which owns shipping line APL and its associated supply chain company, APL Logistics, today reported another year of losses. The gloom was lifted by an improvement in its operating results and the fact that its continued focus on cost efficiency is beginning to bear results. Although the 19 chartered vessels due to come off-hire this year will further reduce its cost burden, APL president Kenneth Glenn told Seatrade today that other cost reduction techniques, such as slow steaming, were likely to remain in place.