NOL posts 6th straight quarterly net loss

Reuters: Singapore’s Neptune Orient Lines, the world’s seventh-largest container shipping firm, reported its sixth consecutive quarterly net loss mainly due to one-time charges for restructuring and vessels held for sale.

The company posted a second quarter net loss of $118 million, compared with a $57 million net loss a year earlier and a $254 million net loss in its first quarter. Core earnings before interest and taxes stood at $16 million, helped by improved freight rates and efforts to control expenses and improve efficiency, NOL said.

The one-time charges of $112 million were for organisational restructuring and the sale of obsolete vessels to make room for more efficient ships and to reset vessel slot costs, NOL said.

NOL, whose biggest shareholder is Singapore state investor Temasek, said the outlook remained uncertain.