ONE of Southampton Docks' biggest customers, the container shipping group P&O Nedlloyd has reported a first quarter loss and warned against hopes of an immediate financial recovery.
The group, jointly owned by P&O and Dutch group Royal Nedlloyd, said problems with over capacity in the sector remained.
During the first three months of the year, P&O Nedlloyd achieved a pre-tax loss of £57.2m, compared with a profit of £12.3m a year earlier.
In particular, P&O Nedlloyd said its Far East to Europe and trans-Pacific routes were struggling through a fall in revenue rates.
The overall dip in revenues came despite an increase in volumes, with the sharpest rise coming in P&O Nedlloyd's North American business.
The first quarter is traditionally P&O Nedlloyd's weakest period of the year.
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