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Jim Mcadam News

30 Oct 2013

NOL Reports $20m 3Q Profit

Ng Yat Chung, CEO of NOL Group

NOL Group reported net profits of $20 million for the third quarter of 2013, and year-to-date net profits of $61 million. The Group posted year-to-date Core EBIT improvement of 33% or $42 million, from a $127 million deficit in the same period last year. Singapore-based NOL attributed the better showing so far this year to its continuing focus on operational efficiency and cost management. Its two operating companies – APL and APL Logistics – both delivered better 2013 year-to-date performances at the Core EBIT level compared to the same period in 2012.

14 May 2013

NOL Reports $148 Million Year-On-Year Improvement

NOL Group reported first quarter 2013 Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss of $85 million, a 64% improvement or $148 million, in the key profitability measure from a year ago. NOL attributed the improvement to a continuing focus on operational efficiency and cost mitigation. It was the fourth consecutive quarter of year-on-year improvement posted by the Group on a Core EBIT level. Including a nonrecurring gain of $200 million from the completed sale of the NOL headquarter building in Singapore, the Group posted a first quarter 2013 net profit of $76 million. “Our cost base has improved as we continue to build a more competitive NOL.

22 Feb 2013

NOL Reports $208m Year-On-Year Improvement

Global container shipping and logistics group Neptune Orient Lines (NOL) reported fourth quarter 2012 Core EBIT (Earnings Before Interest and Taxes) loss of US$69 million, a 75% improvement in the key profitability measure from a year ago. The Group posted a full year net loss of US$419 million, mainly due to a first quarter net loss (before non-recurring items) of US$255 million and one-time charges of US$108 million. Singapore-based NOL also said that its efficiency programme delivered US$504 million of cost savings, which is in line with its 2012 target. The savings were primarily achieved through reduced fuel consumption, network optimization and increased terminal productivity. “General market conditions in 2012 remained challenging.

25 Oct 2012

NOL Reports $50 Million Profit

Increased operational efficiency, better market conditions boost Group’s performance. NOL Group  reported net earnings of $50 million for the third quarter of 2012, a $141 million turnaround from the $91 million net loss in the third quarter of 2011. It was the first time since the fourth quarter of 2010 that the global container shipping and logistics group posted a net profit. Singapore-based NOL attributed the improvement in financial performance to increased cost efficiencies, stable rates and volume growth.

09 May 2012

NOL Group: $254m 1Q Loss

Ng Yat Chung

NOL Group, the Singapore-based container shipping and logistics company, reported a first quarter 2012 net loss of 254 million compared to a net loss of $10 million in the same period last year. NOL said high fuel costs and low freight rates in container shipping affected first quarter 2012 performance. NOL said that in the first quarter of 2012 it achieved about $100 million of cost savings under its ongoing programme and it is on track to achieve $500 million worth of savings for 2012. The savings were primarily through reduced fuel consumption and improved operational costs.

22 Feb 2012

NOL Group Reports $478m Loss

NOL Group today reported a $478 mnet loss in 2011 following net earnings of $461m in 2010. The container shipping and logistics company said unsettled economic conditions, high fuel costs and lower freight rates impacted results. "Recent freight rates show signs of improvement. However the global economy remains uncertain. The container shipping industry continues to face high fuel costs and overcapacity. “The performance of container shipping is disappointing.” said Group CEO Ng Yat Chung. “Over-capacity and higher fuel costs have negatively affected the whole container shipping industry. NOL said 2011 revenue decreased 2% to US$9.2 billion. The Group reported a Core EBIT (Earnings Before Interest and Taxes) loss of US$377 million for the year.

12 Aug 2011

NOL Group reports $67m loss in 1H 2011

Global container shipping and logistics group Neptune Orient Lines (NOL) reported a net loss of $67 million for the first half of 2011 compared to a $1 million net profit in the same period a year ago. The Group said it lost $57 million in the second quarter of 2011. NOL reported a 9% revenue increase in the first half of 2011 to US$4.595 billion. It announced a Core EBIT (Earnings Before Interest and Taxes) loss of US$28 million. The Group said first half 2011 results were affected by higher operating costs, especially for fuel, and declining freight rates. It added that its supply chain management business, APL Logistics, increased revenue and Core EBIT. “Conditions are challenging throughout the shipping industry,” said NOL Group CEO Ronald D. Widdows.

13 May 2011

NOL Group Reports $10M Q1 Net Loss

NOL Group, the Singapore-based container shipping and logistics company, today reported a first quarter 2011 net loss of US$10 million compared to a net loss of US$98 million in the same period last year. NOL said first quarter 2011 revenue was US$2.4 billion, up 16% from a year ago. First quarter Core EBIT (Earnings Before Interest and Taxes) was US$13 million, compared to a Core EBIT loss of US$74 million in the same period last year. “In spite of year-over-year volume growth…

16 Feb 2011

NOL Reports $461M Net Profit in 2010

NOL Group today reported net profit of US$461 million for 2010, representing a US$1.2 billion turnaround from its US$741 million loss in 2009. The container shipping and logistics company said that group revenue reached an all-time high of US$9.4 billion, up 45% from last year. NOL’s fourth quarter net earnings were US$177 million. That compared to a US$211 million loss in the same period a year ago. NOL reported 2010 Core EBIT (Earnings Before Interest and Taxes) of US$557 million, compared to a Core EBIT loss of US$651 million in 2009. Core EBIT in the fourth quarter was US$198 million. “Strong demand from shippers and rate increases in our major trade lanes helped drive the turnaround,” said NOL Group CEO Ronald D. Widdows.

20 Oct 2010

New CNOOC Fields in Bohai Bay Start Production

CNOOC Limited announced that its two new oil fields, BoZhong (BZ) 26-3 and LuDa (LD) 32-2 in the Bohai Bay have successfully commenced production recently. BZ 26-3 is located in the central part of Bohai Bay, neighboring producing field BZ 25-1S. The field has an average water depth of about 25 meters. The development and production operations of BZ 26-3 mainly rely on the facilities of its surrounding oilfields. With 4 wells online currently, BZ 26-3 is expected to hit its peak production of more than 6,600 barrels per day in 2011. LD 32-2 is located in the Eastern Bohai Bay with water depth of about 25 meters, and adjacent to producing oil field LD 27-2. In order to reduce production cost, a joint development plan was carried out for both LD32-2 and LD27-2 fields.

11 Aug 2010

NOL Group Nets $100m in Q2

Global container shipping and logistics group Neptune Orient Lines (NOL) reported a net profit of $100m for the second quarter of 2010. That was up from a net loss of $146 million in the second quarter of 2009. The Group’s Core EBIT (Earnings Before Interest and Taxes) for the quarter was $114 million compared to a Core EBIT loss of $131 million in the same quarter a year ago. Second quarter 2010 revenue increased 53% to $2.1 billion. “Continued strong container shipping volumes and improving freight rates have helped return us to profitability,” said Group President and CEO Ronald D. Widdows. NOL reported Core EBIT (Earnings Before Interest and Taxes) of $40 million for the first half of 2010, compared to a $353 million Core EBIT loss a year ago.

22 Apr 2009

NOL Key Senior Appointments

Neptune Orient Lines (NOL) Group President & CEO Ronald D. Widdows announced new senior management appointments to head the Group’s APL Logistics business unit and its South Asia Region organisation. Jim McAdam has been promoted and assumes the position of President, APL Logistics, the unit of the NOL Group that provides international supply chain capabilities for customers globally. He replaces Brian Lutt who recently left the Group to pursue other opportunities. McAdam is currently APL’s President South Asia Region and prior to that was President of the Asia/Middle East Region from 2006. From 2004 to 2006 he was NOL’s Senior Vice President, Business Solutions, responsible for developing and implementing supply chain solutions for some of the Group’s largest global customers.

19 Sep 2007

APL: Vietnam Seaport Master Plan Must Have Long-Term Focus

Vietnam must better coordinate the planning and construction of an integrated seaport network to handle the country’s rapid trade growth, according to container transportation leader APL. The company was providing an update of the findings outlined in a research paper, entitled: “Vietnam Transportation and Logistics: Challenges and Opportunities”, developed earlier this year by the NOL Group, the Singapore-based parent company of APL, to examine Vietnam’s transportation and logistics environment. “Vietnam’s cargo growth potential is tremendous. Average historical growth of containerised cargo of 20% could rise to 25% per year. Previous government forecasts have underestimated actual growth of container volumes…