NOL still taking on losses, US$10mln sunk in the first quarter

Still, it's an improvement from the US$98 million lost during the same period in 2010, but shows the shipper still has work to do to right its operations.

With market conditions remaining uncertain, NOL has issued this outlook: “Increased operating costs – particularly related to fuel cost increases -- and competitive pressure on rates are expected to continue for the near term. Should these conditions persist, our results will be negatively impacted.”

Meanwhile the global transportation company’s focus will still be on operating efficiency, cost reduction, and high vessel utilization.

President and CEO Ronald D. Widdows said these have interrupted NOL’s momentum in spite of year-over-year volume growth.