Singapore's Neptune Orient Lines (NOL), the parent company of container shipping line APL, reports an 18 per cent year-on-year decline between September 24 and October 21 to US$2,402 per FEU against $2,916 per FEU in the same period of 2010.

But year-on-year volume increased 13 per cent to 241,000 FEU in the same period, reflecting that the gain in volume growth could not offset the loss caused by decline in freight rates.

Said a NOL statement: "The increase in volume was mainly due to higher volumes carried on the intra-Asia trade lane. The decline in average revenue per FEU was mainly due to lower rates in the major trade lanes."

Year to date, the average revenue fell nine per cent to $2,544 from $2,811 a year ago, while volume was up eight per cent year on year to 2,396,600 FEU.

Citi Research analyst Rigan Wong was cited by London's International Freighting Weekly as saying that NOL's volumes were up five per cent month on month, but rates were down four per cent in the same period.

"[That] implied revenue was one per cent higher than [last month], but 2.2 per cent below the third quarter 2011 monthly average," said Mr Wong, adding that "weak profitability from third quarter 2011 has persisted into October."