Group’s cost and efficiency gains partly offset by congestion in Southern California

SINGAPORE,  31 十月 2014

NOL Group today reported a third quarter 2014 net loss of US$23 million. Year-to-date, the Group reported Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss of US$59 million, a 31% reduction from the same period last year.

Singapore-based NOL also said that its cost management and efficiency drive has delivered US$290 million of cost savings year-to-date. The savings were primarily achieved through a more efficient fleet and network optimisation. These savings were largely offset by lower rates, lower volumes and increased costs from Southern California port congestion.

“Our focus on increasing operational efficiencies remains on track,” said NOL Group CEO Ng Yat Chung. “However, our liner business faced tough operating conditions in the second and third quarters due to severe port congestion in Southern California, and this has negatively impacted our financial performance.”