NOL sees volumes drop 22%
Neptune Orient Lines, parent company of APL said, in the four weeks ending April 3 it handled 155,400 40-foot equivalent units, 22 percent less than the 198,300 FEUs it handled in the comparable 2008 period.
The company said average freight rates also declined to $2,347 per FEU during the period, 20 percent less than $2,930 in the same 2008 period.
“The decrease in volume was due to the decline in demand on all major trade lanes in view of the current global economic downturn. Lower average revenue per FEU was due to lower core freight rates and lower bunker recovery,” the company said.