NOL's average weekly liner volume sank 2.7%

Blame it on dull Asia-EU trade lanes.

According to Phillip Securities Research, the liner business reported a weak set of results in 4QFY12 with core EBIT losses of US$95mn. The 2.7%y-y decline in average weekly volume appears sluggish and was largely driven by very weak volumes on the Asia-Europe trade lanes.

"Our expectations of an 8% improvement in system wide average freight rates was missed (actual: +3%) due to weaker than expected transpacific rates," it added.

While profit in 4QFY12 was disappointing, the firm believes that the ongoing delivery of newer vessels would lower average operating costs and enhance competitiveness for the company in the year ahead.

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