P&O sail back into the black

Royal P&O Nedlloyd has reported a first quarter net profit of €5m, from a loss of €69m a year earlier, boosted by a 15% rise in freight rates and a 7% increase in volume on a comparable basis.

The shipping company also went into the black at operating level, posting profit of €21m against a loss of €58m a year ago.

The company said supply and demand for container shipping looks favourable for 2004, with the outlook for freight rates in line with our previous expectations.

P&O Nedlloyd noted that the first quarter figures cover a period before the restructured company's listing on Euronext in Amsterdam and therefore do not include Martinair.