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NOL posts Q3 net loss of US$96 million amid weak freight rates
SINGAPORE's Neptune Orient Lines Ltd (NOL) has posted a third-quarter net loss of US$96 million, owing to soft freight rates; on 28 per cent lower revenue at $1.2 billion, compared to the same period last year.
"The absence of the traditional third-quarter peak season in Europe and North America led to severe freight rates erosion in major trade lanes," NOL Group president and CEO Ng Yat Chung said in a statement, reported Reuters.
The shipping company is controlled by Singapore's state investor Temasek Holdings.
"The absence of the traditional third-quarter peak season in Europe and North America led to severe freight rates erosion in major trade lanes," NOL Group president and CEO Ng Yat Chung said in a statement, reported Reuters.
The shipping company is controlled by Singapore's state investor Temasek Holdings.
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