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GATX

NOL To Buy GATX Logistics For $210M

Shares of Singapore shipping and logistics firm Neptune Orient Lines (NOL) rose 7.5 percent on Tuesday, buoyed by its deal to buy U.S.-based GATX Logistics for $210.5 million in cash. "They (NOL) have always said logistics is going to be a growth area for them. So, having made a significant acquisition, people tend to look at it positively because they are moving in the right direction," said Seah Hiang Hong, head of research at Kim Eng Securities. NOL said the acquisition would boost revenues for the group's unit APL Logistics -- the vehicle used to buy GATX -- by 70 percent or more than $300 million. GATX, owned by GATX Corp. until last June, is the second largest warehouse-based contract logistic company in the United States with about 21 million sq ft of warehousing space. NOL said the completion of the deal was expected to take place during the first quarter of this year. An analyst at a local bank said profit figures for the U.S. company were not available, but the price paid appeared reasonable. "It is a fair price on the assumption that the company makes a net margin of about five to seven percent, which would equate it to an entry price-to-earnings multiple of about 18 times, which is fair for a logistics company," the analyst said. "We have a fair value of S$2.30 and have maintained a buy."


As Banks Step Down, Equipment Finance Companies Step Up

Shipowners are known for having distinct differences of opinion, but the one thing that all agree on is the importance of having access to capital. In an industry in which assets are generally big-ticket items and operating margins can be thin, access to proper financing serves the dual purposes of fleet growing the generation of healthy operating returns. Most shipowners would also agree that financing for maritime assets generally isn't easy to find. There are various reasons for this


People & Company News

SeaBat Installed on Survey Vessel Maritime Surveys Ltd., Shoreham, Sussex, U.K., recently took delivery of the first SeaBat 8160 multibeam echosounder system from RESON A/S. The SeaBat 8160 was installed on one of Maritime's survey vessels, the Scotian Shore. Alastair MacDonald, managing director of Maritime Surveys, commented on the success of the sea trials: "The SeaBat 8160 delivered the highest quality multibeam survey data in a swath width of 1,300 meters at 3,000 meters water depth


American Steamship Charters ATB

American Steamship Compnay charter New Articulated Tug Barge American Steamship Company (“ASC”), a subsidiary of GATX Corporation (NYSE:GMT), announced its charter of a newly constructed Articulated Tug Barge (“ATB”). David W. Foster, president of ASC, said, “We are very pleased to add this new ATB, designed to transport dry-bulk commodities, to our fleet and look forward to commencing its operation on the Great Lakes during the upcoming sailing season


Oglebay Norton Sells Six Vessels

Oglebay Norton Company announced that its wholly-owned subsidiary, Oglebay Norton Marine Services Company, LLC, has completed the sale of six of its nine remaining self-unloading freighters for $120 million to American Steamship Company, a wholly-owned subsidiary of GATX Corporation. Acquired were: M/V Oglebay Norton, M/V Columbia Star, S/S Armco, S/S Middletown, S/S Courtney Burton, and M/V Fred R. White. The Company is also


Companies Partner to Protect the Great Lakes

Photo: GATX

American Steamship Company (ASC), a subsidiary of GATX Corporation, and Chicago’s John G. Shedd Aquarium are working collaboratively in pursuit of their common goal of protecting the Great Lakes, and now they’re taking that message to communities along the shores. One of ASC’s 1,000-foot vessels, the MV Indiana Harbor, is displaying each organization’s logo along with the slogan “Working Together to Keep the Lakes Great


News: Signet Martime Inks Garrett Contract

Signet Maritime Corp. and Garrett Marine, Inc. executed agreements August 29, 2003, for charter and purchase of Garrett's Aransas tug business, finalizing plans that originated in 2002 to expand Signet's presence in the Aransas Pass/Ingleside region. The Garrett family, which has been serving marine tug needs in Texas for almost 50 years, agreed to terms for handing over responsibility for tug operations to Signet for marine and construction firms in the Aransas Pass/Ingleside region.


NOL Reports First Half Profit of $11M

The tough economic situation and business environment has not prevented Neptune Orient Line from first half profits, as the company announced $11 million profits (albeit down 78% from 1H 2000 profits) on revenues of $2.3 billion (up 6 percent from 1H 2000 revenues.) In summarizing his company's results, Mr. Flemming R. Jacobs, NOL Group President and CEO, said "We have achieved much. We came from a difficult past and we are on the right track to return to full health






 
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