NOL's deficit grew significantly in the first quarter

Neptune Orient Lines, which will soon be part of CMA CGM, was hit hard by overcapacity and low freight rates in the first quarter of the year. Management expects low rates to continue.

Singapore-based shipping group Neptune Orient Lines (NOL), whose primary business consists of container carrier APL, ended the first three months of the year with a bigger net deficit and a lower operating result.

This is mostly attributable to the historically hard-pressed container market right now which torments the company with massive overcapacity and record-low freight rates, according to the group's first quarter interim report.

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