Singapore-based NOL group has reported a net loss of US$23 million in the third quarter of 2014, and for the year to date a core EBIT shortfall of US$59 million, 31 per cent less than for the same period last year. The company stated that its cost management and efficiency drive delivered US$290 million of cost savings year-to-date. The cuts in expenditure were primarily achieved through a more efficient fleet and network optimisation. However, these savings were largely offset by lower rates, lower volumes and increased costs from port congestion in southern California.

APL, NOL’s container shipping business, noted a third quarter 2014 core EBIT of US$6 million, an increase compared to the US$3 million earned in the same period last year. APL’s quarterly revenue came in at US$1.7 billion, a YoY dip of 2 per cent due to freight rate pressures and lower cargo volumes.