NOL Shares Down 6.8 Percent

Monday, August 13, 2001
Shares of Neptune Orient Lines Ltd (NOL) slumped as much as 6.8 percent on Monday morning after it said it expects to book a profit for the full year but that the results would be much lower than the previous year.

The world's sixth largest container ship operator fell to a 17-month low of S$1.08 before crawling back to S$1.11, down $0.05 in moderate trade of more than two million shares.

The Singapore Exchange had suspended the stock after its president and CEO Flemming Jacobs warned of NOL's results in local papers, saying "the expectations now are for much lower results than what we saw last year".

In a statement to the exchange on Monday, NOL said: "Despite the prevailing negative factors, the NOL Group currently still expects to achieve an overall profit for the full year 2001."

NOL said its business would be down compared with last year and that expectations now were for much lower results than last year, which was an exceptional year for the liner industry.

It said liner industry volumes to the United States and Europe had shown little or no growth and freight rates had been under substantial pressure in the first half of the year.

The industry's expectations for the balance of the year were for some, but not substantial, growth in volumes.

NOL said it was continuing its focus on cost management to achieve savings, and that the entire container transportation industry continued to be concerned about the increase in capacity and lower volume growth.

"We had higher capacity costs in the first half of this year compared with last year in accordance with our planned strategy," the company said. NOL added it was dealing with the expected low growth by redelivering around 80 percent of chartered-in capacity as newly chartered vessels that were more cost efficient come on line.

Maritime Reporter November 2014 Digital Edition
FREE Maritime Reporter Subscription
Latest Maritime News    rss feeds

Bulk Carrier Trends

Great Lakes Coal Trade Slows in November

Coal shipments on the Great Lakes totaled 2.6 million tons in November, a decrease of 3 percent from a year ago, as shipments were affected by weather-related delays,

Bulker Chief Engineer Convicted of Environmental Crimes

A chief engineer from the M/V Trident Navigator was convicted by a federal jury in New Orleans late yesterday after a week-long trial, of knowingly falsifying the

Wrecked Bulker’s Bow Refloated, Scuttled off S.Africa

TITAN Salvage, Crowley Maritime Corp.'s Houston-based marine salvage, emergency response and wreck removal company, has refloated and scuttled the largest section of the wrecked bulk carrier, Smart.

Finance

Cecon Secures Finances to Complete Newbuild

Cecon ASA has petitioned for a debt restructuring agreement (in Norwegian: gjeldsforhandling). Certain funds managed by York Capital Management Global Advisors,

Libyan State Oil Firm NOC Will Remain Independent

Libya's Tripoli-based state firm National Oil Corp (NOC) will remain independent, it said on Thursday, in an apparent attempt to reassure foreign oil buyers it will stay out of the country's conflict.

Oil Prices Retreat from Short-covering Rebound

Global crude prices fell more than $1 a barrel on Thursday, retreating from a short-covering charged rally as traders bet the market had not shaken off a six-month long rout on oversupply concerns.

 
 
Maritime Careers / Shipboard Positions Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Simulators Shipbuilding / Vessel Construction Winch
rss | archive | history | articles | privacy | terms and conditions | contributors | top maritime news | about us | copyright | maritime magazines
maritime security news | shipbuilding news | maritime industry | shipping news | maritime reporting | workboats news | ship design | maritime business

Time taken: 0.1082 sec (9 req/sec)