Neptune Orient Lines’ losses jumped 241% to $352m in FY14

This is its third consecutive year of losses.

Neptune Orient Lines reported that its net loss jumped to $352m (US$260m) in FY14, up 241% compared to the $103m (US$76m) net loss that it posted in the preceding financial year.

This marks the third consecutive year of losses for the shipping line. NOL declared no dividends for FY14,

“While we are seeing some benefits from the current trend of lower bunker prices, the longer term impact of the drop in fuel price on container freight rates is uncertain. More port congestion, resulting from further deterioration in the labour situation on the US West Coast, is a potential risk factor,” said NOL Group CEO Ng Yat Chung.

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