The company, around two-third owned by Singapore state investor Temasek Holdings said it expects to remain profitable for the full 2010 year.
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.
"Strong demand and an improved rate environment have helped us turn around our performance," NOL CEO Ronald D. Widdows said in a statement.
"Our emphasis at this point is on operating efficiency and cost containment to ensure that we maintain our momentum." NOL carried 29 percent more cargo, measured by the number of fourty-foot equivalent unit (FEU) containers, in the first nine months of this year compared to a year ago, while its average revenue per FEU rose by 21 percent, the company said.
It earned $282.3 million in third quarter net profit compared to a $139 million loss a year ago. The profit was ahead of analyst estimates of $166.67 million.
The third quarter earnings took the nine-month net profit to $283.5 million compared to a $529.7 million loss in the same period last year.
Before the results, analysts polled by Reuters predicted the company would book net profit of $232.6 million for the full year.
Revenue in the three months ended September 2010 climbed 55 percent to $2.43 billion. (Reuters)
