NOL Reports Half Profit of $1M
In summarizing his company's results, Flemming R. "We have achieved much. We came from a difficult past and we are on the right track to return to full health, but we are not there yet. We would have preferred a little more time to consolidate all we have achieved and are achieving before having to deal with a severe downturn in the economic environment like this one. "Today the NOL Group is clearly focused on building its three core businesses: APL, the Liner business; APL Logistics (APLL); and the tanker business, American Eagle Tankers (AET). Volumes in Europe were up 14 percent and rates up 1 percent, while in Asia/Middle East rates were up three percent.
ABS Elects Kurz And Kwok To Board Of Directors
Gerhard E. Kurz, president and CEO, Seabulk International, Inc. and Joseph Kwok, COO, Neptune Orient Lines Ltd. were elected to the ABS Board of Directors, by the ABS Council, following the recent Annual Members Meeting of the classification society in New York. Kurz is responsible for the revitalization of Seabulk International, Inc. (formerly Hvide Marine Inc.), and Kwok is COO of the NOL group of companies and also its CEO of chartering. He is responsible for the entire group's fleet operations. Also elected to the ABS Council at the Annual meeting were Choo Chian Beng, chairman and managing director, Keppel FELS; Mustafa A. Jalali, president and CEO, Aramco Services Company; Dr. Frank F.H. Lu, chairman, Taiwan Navigation Co.; and A.P. (Paul) Revere, president, Sea River Maritime.
NOL Reports First Half Profit of $11M
In summarizing his company's results, Mr. Flemming R. "We have achieved much. We came from a difficult past and we are on the right track to return to full health, but we are not there yet. We would have preferred a little more time to consolidate all we have achieved and are achieving before having to deal with a severe downturn in the economic environment like this one. "2001 is proving a tough year -- and, while this result is disappointing, we have to remember where we started from and accept that sustained profitability is not achieved magically overnight," Jacobs said. The Group recorded serious losses in 1997-98 when the Asian crisis hit just as it had purchased the American liner business, APL.
