NOL suffers US$419m loss despite cost-cutting moves

Total savings amount to US$504m.

According to DBS, while the firm was expecting NOL to report a net loss in 4Q12, the magnitude of the loss was higher than expected at US$98m, as rates slid faster than expected in 4Q12 before liners pushed through some rate restoration in mid-December.

Average freight rate of US$2,420 per FEU in 4Q12 was down 7% q-o-q.

"For the full year, NOL registered a loss of US$419m (including about US$109m one-off losses) despite cost reduction initiatives which resulted in about US$504m savings for the year," DBS said.

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