Singapore - Singapore's Neptune Orient Lines (NOL), one of the world's leading container shippers, said Monday its cargo volume for the four weeks to April 3 slumped 22 per cent compared to the same period a year ago due to a decline in demand. From March 7-April 3, NOL moved 155,400 40-foot equivalent units (FEU), down from
198,300 FEU in the same period a year earlier, the company said in a statement.

Average revenue per FEU fell 20 per cent to 2,347 US dollars.

"The decrease in volume was due to the decline in demand on all major trade lines in view of the current global economic downturn," NOL said.

On April 16 NOL had warned that it "expects its full year loss to be significantly worse than financial analysts' current estimates."

The company anticipated a net loss of 240 million US dollars for the first quarter 2009, after a loss of 149 million US dollars for the fourth quarter of 2008. (dpa)