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.

The fourth quarter result also included 72 million US dollars of restructuring charges.

NOL anticipates posting a loss for 2009, as conditions similar to those in the fourth quarter of 2008 are expected to continue, the company said. The container shipper, 66 per cent-owned by Singapore's state investor Temasek, reported a net profit of 83 million US dollars for 2008, a slump of 84 per cent from the previous year. (dpa)