JOC Staff | Feb 22, 2013 10:29AM EST
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.”
NOL Group also today announced that Jim McAdam, president of APL Logistics, will leave the company later this year.
“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.
