Neptune Orient Lines (N03.SG) is down 0.5% at $2.09 in light trade, supported by container shipping group’s improved May operating data, says Dow Jones.

Still, soft market conditions suggest interest likely to remain subdued; expected to hold above $2.00, with resistance at $2.18 (May 13 high). Analysts generally remain upbeat on NOL’s prospects.

“By 1Q10, NOL’s Europe exposure is only 23% in terms of container shipping revenue, lower than the industry average of about 30%. Hence, with regards to risks from the Europe debt crisis, NOL is a good low-risk container shipping play in the Asia-Pacific universe,” says UOB KayHian, which has Buy call with $2.28 target.

Morgan Stanley, which has Overweight call with $2.35 target, says performance in May sustainable as successful Transpacific annual contract negotiations will be felt in June.

Average revenue per box in May +19% on-year, +3.7% on-month, while volume +34% on-year, +0.3% on-month.