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, … [Read more...] about NOL reduces YTD core EBIT loss
shipping
Asiana to pay $55M in freight case
South Korean Asiana Airlines will pay US$55 million to purchasers of freight shipping services to resolve claims of price-fixing. The airline is one of more than two dozen worldwide that faced allegations of conspiring to inflate shipping prices in the case in federal court in Brooklyn, New York. Settlements have been reached with 22 airlines so far totalling US$903 million, lawyers for the plaintiffs said. … [Read more...] about Asiana to pay $55M in freight case
Reefer capacity expected to increase 22% by 2019
Reefer capacity on the containership fleet is expected to increase by 22 per cent over the next five years, at the expense of a declining specialised reefer fleet, according to Drewry's latest Reefer Shipping Market Annual Review & Forecast. Reefer box capacity is expected to grow from 1.6 million 40ft slots in 2013 to 1.9 million slots in 2018. However, this fleet growth is not expected to adversely impact vessel utilisation levels thanks to strong … [Read more...] about Reefer capacity expected to increase 22% by 2019
