Lloyd's List, 16 Apr 2009, Marcus Hand
NEPTUNE Orient Lines is warning of a hefty $240m first quarter loss as it is battered by the sharp contraction of the container trades.
NOL said in a brief statement to the Singapore Exchange this evening that its first quarter results, to be announced on May 12, show an estimated net loss of $240m.
This is higher than the $149m loss it reported for the fourth quarter of 2008, despite cost-cutting measures such as capacity reductions and vessel lay-up at its liner unit APL.
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