NOL: Volume, rates up

NOL: Volume, rates up

Neptune Orient Lines Ltd., said that robust cargo flow in key routes helped its average freight rates rise 11 percent on year in the four weeks to April 2.

Average freight rates rose to US$2,528 per FEU in the four-week period from $2,282 a year ago, NOL said.

NOL, parent of carrier APL, said it hauled 138,700 FEUs in the period, up 17 percent from 119,000 FEUs a year ago.

NOL attributed the strong volumes to "continuing strong cargo flow" in its key Asia-Europe, Trans-Pacific and Intra-Asia long-haul routes.

NOL posted a profit in 2003 after losses in the previous two years.