Singapore - Singapore's Neptune Orient Lines Ltd (NOL), one of the world's leading container shippers, on Tuesday posted a net loss of 245 million US dollars for the first quarter, a turnaround from a profit of 121 million US dollars for the same period a year ago, the company said.

"Over the first quarter 2009, NOL was impacted by a significant decline in global trade flows and consequently liner shipping volumes," the company said in a statement.

"In addition, freight rates deteriorated across all major trade lines," it added.

From January to March, revenue fell to 1.54 billion US dollars, down 36 per cent from the first quarter of 2008.

For the rest of 2009, the shipping company, which is controlled by the Singapore government-owned investment company Temasek Holdings, said it anticipated a continuation of adverse business conditions and expected to post "a significant full-year loss." (dpa)