Neptune Orient Lines, parent of Southeast Asia’s biggest container line, plans to cut costs by US$500 million ($629 million) this year and increase freight rates after posting its biggest quarterly loss in a decade.
Spending cuts will come from steps including reduced fuel consumption, better fuel purchasing and improvements in network design, Chief Executive Officer Ng Yat Chung told reporters today in Singapore after the company posted a US$320.4 million fourth-quarter loss.
Spending cuts will come from steps including reduced fuel consumption, better fuel purchasing and improvements in network design, Chief Executive Officer Ng Yat Chung told reporters today in Singapore after the company posted a US$320.4 million fourth-quarter loss.
The carrier’s sales fell 13% in the three months ended Dec. 30 to US$2.4 billion. The company was expected to make a loss of US$123.6 million in the period based on the average of eight analysts’ estimates compiled by Bloomberg.
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