P&O NEDLLOYD’S FIRST-QUARTER LOSS NARROWS

   P&O Nedlloyd Container Line, the Anglo-Dutch joint venture of the P&O
and Royal Nedlloyd groups, reported a loss before tax of $36 million for
the first quarter, compared to a deficit of $39 million in the year-earlier
period.
   The operating result for the first quarter, traditionally the weakest
quarter of the year, was a loss of $22 million, compared to a loss of $26
million in the first quarter of 1998.
   P&O Nedlloyd carried 639,200 TEUs during the first quarter, up 17
percent from the year-earlier quarter. The carrier said the traffic
increase was partly due to the acquisition of Blue Star Line last April.
   Average revenue per TEU dropped to $1,297, 8 percent below the first
quarter of last year and 3 percent lower than the fourth quarter of 1998.
   P&O Nedlloyd said that the recent transpacific rate increases will be
reflected in its second-quarter results.