NOL reduces losses by cutting costs

Neptune Orient Lines (NOL) has continued to make a loss in 2015, although losses were reduced due to cost cuts.

NOL is the parent company of American President Lines (APL) and is currently in the process of being acquired by CMA CGM.

Excluding gains from the US$888m sales of its logistics unit, NOL made a full-year net loss of US$181m. Despite a challenging year for container shipping in general,  this is an improvement of 30% on NOL’s 2014 losses.