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Hard-hit NOL says market can only get tougher.
(From Lloyds List)
Byline: High fuel costs hit last year's profits hard and the company sees a rough ride ahead, writes Marcus Hand in Singapore
NEPTUNE Orient Lines' profits dropped 15% last year, hit by higher fuel costs, and it expects things to get more difficult this year as container freight rates soften.
NOL reported a net profit of $804m for 2005, down 15% year-on-year, while revenues grew 11% year on year to $7.27bn.
The Singapore company was hit particularly hard by increased fuel costs, which leapt $194m in 2005 compared with the previous year, at container line APL.
Looking forward, as the supply in the container shipping industry starts to outstrip demand, NOL is predicting a tougher year ahead in 2006.
'In 2005, we began to see industry conditions becoming more challenging than 2004. In 2006, we see a more challenging year coming up,' said David Lim, president and chief executive of NOL.
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