Anglo-Dutch container line P&O Nedlloyd has reported US$39 million losses in the first quarter of this year, blaming the imbalance in some Asian trade and cost of extra slots under new alliance arrangements.
The carrier had reported $58 million losses in the previous corresponding period.
P&O Nedlloyd said first-quarter results could have been worse. Cost savings had been achieved through its membership of the new Grand Alliance, resulting in a slightly improved overall result.
The company reported average revenue per teu (20 ft equivalent unit) of $1,417 in the first quarter, down 6.09 per cent compared with average revenue of $1,509 per teu a year earlier, but up slightly compared with average revenue of $1,397 per teu in the fourth quarter of last year.
First-quarter results were affected by season factors and the cargo mix, it said.
The leading refrigerated container flow was from the southern hemisphere in the first half of the year and they also fetched higher average rates.