Neptune Orient Lines today reported a net loss of $98 million in the fourth quarter of 2012, improving 69 percent from a net loss of $320 million in the fourth quarter of 2011.
Quarterly revenue rose 4 percent year-over-year from $2.4 billion in 2011 to $2.5 billion in 2012.
The Singapore-based container shipping and logistics group posted a full year net loss of $419 million, an improvement on the net loss of $478 million in 2011. The 2012 loss was mainly because of a first quarter net loss of $255 million and one-time charges of $108 million.
Annual revenue was $9.5 billion, increasing 3 percent from $9.2 billion in the same quarter in the previous year.
NOL’s supply chain management business, APL Logistics, reported record revenue of $1.6 billion in 2012, up 11 percent from 2011. The company’s liner shipping segment, APL, posted revenue of $8.1 million in 2012, rising 2 percent year-over-year.
APL shipped 3 million 40-foot-equivalent units in 2012, a 1 percent increase in volume, while also reducing its fleet capacity by 8 percent and total fuel consumed by 10 percent.
“We have improved our cost base, renewed our fleet and expanded our logistics business,” said Ng Yat Chung, NOL Group CEO, in a written statement. “We are starting 2013 on a stronger footing than a year before.”
“Now is the appropriate time for me to step down and pursue new career objectives,” McAdam explained in a release.
NOL said McAdam will remain with the company until a successor has been named.