SINGAPORE — Neptune Orient Lines Ltd., the world's sixth-largest container carrier, said Wednesday losses surged in the first quarter amid higher fuel costs and lower freight rates.
NOL said its loss in the January to March period ballooned to $254 million from $10 million a year earlier. Revenue in the first quarter fell 3 percent to $2.4 billion.
NOL said it saved $100 million in the first quarter by reducing fuel consumption and other operational costs. It said the company is on track to cut $500 million in costs this year.
A glut of ships and a slowing global economy have undermined freight rates and squeezed profits at shipping companies over the last year. NOL had reported a loss of $320 million in the fourth quarter.