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

Bulk Carrier Trends

MN 100: AEP River Operations

16150 Main Circle Drive, Suite #400 St. Louis, MO 63017 Tel: (636) 530-2100  Email: info@aepriverops.com Website: www.aepriverops.com President: Keith Darling The

US Steel Producers Win Anti-dumping Case

The United States has approved anti-dumping duties against South Korea and other producers of steel pipes for the energy sector, a victory for domestic producers

Odfjell 2Q Results In Line with Expectations

Chemical Tankers had an EBITDA of $24 million, compared with $17 million in the first quarter. Improved utilization with only minor interruptions of trade. Time-charter results were up by 10%.

Finance

Airbus May Sell Stake in Submarine Supplier

Airbus is considering a sale of its 49 percent stake in submarine supplier Atlas Elektronik as part of a reshuffle of its military business, German newspaper Die

W.Africa Crude Slow to Trade; Nigerian Glut Fading

Angolan cargoes for October loading are so far finding buyers slowly, traders said on Friday, while there were further signs that an overhang of September-loading Nigerian cargoes is being absorbed.

US Steel Producers Win Anti-dumping Case

The United States has approved anti-dumping duties against South Korea and other producers of steel pipes for the energy sector, a victory for domestic producers

 
 
Maritime Careers / Shipboard Positions Maritime Contracts Maritime Security Maritime Standards Naval Architecture Offshore Oil Port Authority Salvage Ship Electronics Sonar
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: 0.1059 sec (9 req/sec)