Singapore's NOL 2007 freight volumes up 12 pct; average rate up 4 pct

Neptune Orient Lines Ltd said Monday it transported 2.36 million forty-foot equivalent units (FEUs) of cargo containers in 2007, up 12 percent from the year before.

Average freight rates in 2007 rose 4 percent to 2,740 US dollars per FEU, it said.

In the six weeks to December 28, NOL said cargo volume rose 18 percent to 288,600 FEUs from a year earlier, reflecting continued strong demand in key trade lanes.

Average freight rates in the six weeks to December 28 were up 12 percent at 2,845 US dollars per FEU, it said.

Growth, however, is expected to soften in 2008 as the US economy slows down, analysts said.

About 34 percent of cargo transported by NOL is bound for the US.

(1 US dollar = 1.42 Singapore dollars)

Source:RamblerNews