APL year-to-date losses hit $149 million

   The liner carrier APL lost $88 million in the third quarter of 2011, its parent company NOL said Monday.
   That result compared to a $301 million operating profit in the same period in 2010. Year-to-date, APL has sustained $149 million in operating losses, compared to a $314 million operating profit through the first three quarters of 2010.
   APL’s year-to-date revenue was unchanged at $5.9 billion, but its third quarter revenue fell 12 percent, to $1.9 billion. Volume for the year is up 8 percent, at 2.2 million TEUs.
   Sister company APL logistics saw operating profit fall 11 percent in the third quarter, to $16 million, on revenue that increased 10 percent, to $333 million. For the year, APL Logistics has had operating profit of $49 million, an increase of 9 percent, on revenue of $1 billion, up 15 percent.
   “Higher volume was offset by increased fuel cost and lower freight rates,” said APL President Kenneth Glenn. “In this environment, we must continue to concentrate on operational efficiency and managing costs down.”
   Through three quarters, NOL has lost $100 million from continuing operations, compared to a $359 million profit in the same period in 2010.
   “Global economic conditions have not improved,” NOL said in a statement. “With continued low freight rates in container shipping and slowing trade demand, NOL Group expects to report a loss for the full year in 2011.”