NOL shuts out cargo as shipper demand soars.

(From Lloyds List)

Byline: Transpacific has 3,000 teu waiting, writes Julian Bray in Singapore

NEPTUNE Orient Line of Singapore is shutting out cargo from full ships on both the transpacific and Europe-Asia trades in the face of surging demand from shippers, underlining its forecast that this will be a further strong year for the business.

On the transpacific, NOL's APL line has 3,000 teu waiting to be lifted, with volumes having rebounded since the lunar new year 'faster than we have ever seen before', according to APL chief executive Ron Widdows.

'We are full, and we have been full for about the past year,' said Mr Widdows. 'We are now rolling [shutting out] freight. This is the fastest recovery we have ever seen. We have insufficient capacity.'

Growth in box volumes, higher rates and continued pressure on costs should ensure good results this year and next, Mr Widdows told Lloyd's List just days after the group announced a turn round in 2003 that exceeded market expectations.

'The strength in this market is much more noticeable than many people perceived just a few months ago, and 2004 should be good,' said Mr Widdows.