Neptune Orient Lines (NOL) (NEPS.SI), the world’s fifth largest container shipping firm, reported a better than expected third quarter profit on Tuesday, thanks to robust recovery in container volume and rates.

The global shipping industry suffered its worst downturn in history last year as the recession hit exports and forced many companies to lay up ships and cut jobs. NOL, around two-third owned by Singapore state investor Temasek Holdings (TEM.UL), earned US$282.3 million ($368.5 million) compared to a US$139 million loss a year ago. The profit was ahead of analysts estimates of US$166.67 million.

 

Revenue in the three months ended September 2010 climbed 55% to US$2.43 billion.

 

NOL shares have gone up by around a quarter so far this year,

outperforming the 10%  rise in the Singapore's benchmark

Straits Times index.