SINGAPORE: Singapore shipping firm Neptune Orient Lines (NOL) posted a bigger-than-expected third-quarter net loss of US$139 million.

In contrast, NOL had recorded a net profit of US$35 million in the same period last year.

The third-quarter net loss was attributed to difficult market conditions in the container shipping industry.

Ronald Widdows, president and CEO, NOL group, said: "Despite the cost-saving measures that have been implemented and recent improvements in volumes and freight rates in certain trade lanes, NOL anticipates a continuation of adverse business operating conditions."

The firm also warned that losses will continue, until at least the first half of 2010.

- CNA/sc