Singapore - Singapore's Neptune Orient Lines Ltd (NOL), one of the world's leading container shippers, on Thursday posted a net loss of 139 million US dollars for the third quarter, reversing a profit of 35 million US dollars from a year earlier.

Revenue for the third quarter was 1.56 billion US dollars, down 34 per cent from a year ago, NOL said.

"As anticipated, the third quarter saw a continuation of adverse business operating conditions," chief executive Ronald Widdows said.

"Despite some improvements in certain trades, container shipping freight rates remain at uneconomic levels," he said.

NOL gave a bleak outlook, saying it anticipated a continuation of adverse business conditions after the global recession.

"In view of the severity of the downturn in container shipping, the company expects to incur significant losses in the fourth quarter of 2009 and at least through the first half of next year," the company said.

However, it added, "We are well-positioned to weather the ongoing downturn," noting that its balance sheet was strong.

NOL had earlier announced that it expected a significant loss for the full year. (dpa)