SINGAPORE's Neptune Orient Lines (NOL), the parent of the
world's seventh largest ocean liner, APL, suffered a net loss of US$419 million
but made a three per cent revenue gain to $9.5 billion due to the $1.6 billion
in sales from APL Logistics.
The company said in a statement the full-year net loss
was due to a loss of $255 million in the first quarter and the one-time charges
of $108 million.
"General market conditions in 2012 remained
challenging. But thanks to our focus on increasing efficiencies throughout the
group, we are in a better competitive position than before," said NOL
chief executive Ng Yat Chung.
"We have improved our cost base, renewed our fleet
and expanded our logistics business. We are starting 2013 on a stronger footing
than a year before," Mr Ng said.
APL, NOL's container shipping arm, narrowed its Core EBIT
(earnings before interest and tax) loss in 2012 to $279 million, compared to
$446 million Core EBIT loss in 2011, drawn on a two per cent increase in
revenue to $8.1 billion with an average revenue at $2,509 per FEU.
APL shipped 3.02 million FEU in 2012, up one per cent
year on year. The carrier reduced its fleet capacity by eight per cent and
total fuel consumed by 10 per cent during the year, said the company statement.
Headhaul vessel utilisation was above 90 per cent in 2012.
Said APL president Kenneth Glenn: "APL's improved
competitiveness has contributed to a better fourth quarter performance despite
it being a traditionally weak season.
"We have continuously reduced our costs per FEU and
will continue to focus on optimising yield while delivering a high level of
service to our customers."
Looking ahead, NOL said severe overcapacity remains a
problem for the container shipping industry, resulting in "considerable
container freight rate uncertainty."
But the company said it possesses a better cost base due
to "a modern fleet and more efficient processes", so NOL anticipates
a turnaround in 2013.
Source : HKSG, 25.02.13.
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