Singapore shipper NOL posts Q3 loss, sees H1 2010 loss

SINGAPORE Oct 29 (Reuters) - Neptune Orient Lines (NEPS.SI), the world's fifth largest container shipping firm, on Thursday reported a bigger-than-expected third quarter loss and warned that losses will continue at least until the first half of 2010.

The company posted a third-quarter net loss of $139 million, compared with a net profit of $35.8 million a year ago. The quarterly loss was also bigger than the consensus estimate of a $109.5 million loss.

"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 company said in a statement.

"In view of the severity of the downturn in container shipping, the company expects to incur significant losses in the fourth quarter of 2009 and at least the first half of next year."

The shipping firm is 67.4 percent owned by Singapore state investor Temasek Holdings [TEM.UL].

Analysts polled by Thomson Reuters expect the company, which has a market capitalisation of $3 billion, to report its first annual loss since 2002 of $577 million this year. (Reporting by Harry Suhartono, editing by Neil Chatterjee)