Singapore - Singapore container shipper and logistics group Neptune Orient Lines (NOL) posted a net loss of 149 million US dollars for the fourth quarter of 2008 due to a rapid drop in cargo volume following the global economic downturn, the company said on Tuesday.
In the same period from October to December 2007 NOL reached a net profit of 196 million US dollars.
"The severity of the collapse in global trade over recent months is without precedent. Since late September 2008, we have seen a consistent, week-by-week drop in shipment levels across nearly all trade routes," NOL Group President and Chief Executive Officer Ron Widdows said in a statement.