NOL says rates remain low
Neptune Orient Line reported Monday that container freight rates remain low even as volumes have begun to recover from their depths earlier this year.
The parent of American President Lines said it handled 192,800 FEUs in the four weeks ending Aug. 21, 7 percent less than in the same 2008 period. Year to date, volumes are down 20 percent compared to the same 2008 period.
“The decrease in volume was due to the decline in demand on nearly all major trade lanes, partially offset by improvement in intra-Asia trade volumes,” the company said.
Rates averaged $2,189 per FEU in the four-week period ending Aug. 21, 30 percent lower than the same 2008 period. That’s lower than the average $2,327 per FEU year to date.
“Lower average revenue per FEU was due to lower core freight rates and lower bunker recovery,” NOL said.