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Cheng Wai News

30 Sep 2011

New NOL Group CEO Takes Over Tomorrow

NOL Group has completed the transition to a new CEO and that Ng Yat Chung will take the helm of the global transport and logistics company October 1, 2011. Mr. Ng, an NOL Executive Director since May, will succeed Ron Widdows who retires from the company Dec. 31. “We have completed the implementation of our executive succession plan and are moving ahead under Yat Chung,” said NOL Chairman Cheng Wai Keung. Mr. Ng, a former Temasek Holdings executive and one-time Chief of Defence Force in the Singapore Army, takes control of a leading name in trade, transportation and logistics. NOL is the parent of APL, the world’s seventh-largest container shipping line. Its other major brand is APL Logistics, the global supply chain management business. NOL designated Mr.

10 Nov 2010

Former NOL Group CEO Passes Away

“NOL is deeply saddened by the loss of Mr. Lua Cheng Eng. Mr. Lua was the CEO of NOL Group for 20 years from 1979 through 1999. He built up NOL from a small shipping line to a major carrier with 120 ships. NOL Chairman Cheng Wai Keung said: “Our thoughts and sympathies go out to the family and friends of Mr. Lua. The NOL Group is today the fifth-largest container shipping company in the world. We could not have achieved this position without Mr. Lua’s bold vision and years of contributions to the enterprise. Group CEO Ron Widdows recalled Mr. Lua as a highly respected shipping leader. “Among many other affiliations, he was the President of the Baltic and International Maritime Council (BIMCO) and the Singapore Shipping Association…

12 Feb 2009

NOL posts 2008 Net Profit After Restructuring

On Feb. 6, global container shipping and logistics group, Neptune Orient Lines (NOL), reported a net profit for 2008 of $83m, 84% lower than 2007. The Group’s 2008 Core EBIT of $213m was down 64% from the prior year. For the fourth quarter of 2008 (4Q08), the company reported a net loss of $149m and a loss at Core EBIT level of $45m. The fourth quarter result includes $72m of restructuring charges. Revenue for 2008 was up 14% year-on-year to a record $9.29b. Announcing the results, NOL Group Chairman, Mr. Cheng Wai Keung, said “2008 was a year of dramatic change, in which our Group faced some of the most turbulent conditions in its long history. NOL Group President and Chief Executive Officer, Mr.

07 Jul 2008

New CEO at NOL

Neptune Orient Lines Limited announced that, by mutual agreement with the Board of Directors, Dr Thomas Held has stepped down from the position of Group President and Chief Executive Officer (“CEO”) of the company and that Mr Ronald Widdows has been appointed as the new Group President and CEO. Dr Held has also resigned from, and Mr Widdows has been appointed a member of, the NOL Board of Directors. The changes have immediate effect. Mr Widdows is currently the CEO of NOL’s container shipping business APL, and has held this position since 2003. Dr Held has been CEO of NOL since November 2006 and brought to the Group extensive experience of global logistics.

13 Jul 2000

NOL Elects Deputy Chair And New Directors

NOL has named Cheng Wai Keung as deputy chairman, and has further expanded by appointing Marvin J. Girouard and Dr. Friedbert Malt as non-executive directors. Keung, who has been with NOL since 1992, has further developed his working knowledge of the company as a member of the executive committee since 1997, while Girouard, the current chairman and CEO of Pier One Imports, and Dr. Malt, a prominent German banker, both bring a wealth of knowledge to NOL's board.

03 Aug 2000

Passenger Vessels With Pedigrees

Italian prowess in the field of passenger vessel design, outfitting and technology is near legendary status in the international marine community. Even as the grip on these high-value, niche vessels loosens — largely due to cost-cutting competition from the Far East — a quick peak a the world orderbook and recent deliveries of cruise ships quickly tells who currently reigns supreme in the cruise shipping market. Evidence of Italian influence in the passenger vessel segment is undeniable, and over the years the country's shipbuilders have catered to some of the world's most discerning and quality demanding customers, such as U.S.-based Disney Cruise Line.

25 Oct 2006

NOL Appoints Held CEO

The Chairman of Neptune Orient Lines Limited (NOL), Cheng Wai Keung, announced the appointment of Dr. 2006. Dr. Held will also be appointed a member of the NOL Board of Directors. Dr Held is a German national, whose most recent appointment was as Chairman and CEO of European-headquartered Schenker AG, one of the world’s leading providers of integrated logistics services. He served in this role for three years before stepping down in January 2006 following Schenker’s value-creating acquisition of the North America-based freight forwarder Bax Global. “The NOL Board considers Thomas Held to be one of the world’s outstanding transportation industry leaders and we are delighted to have an executive of his stature joining our company as CEO,” Cheng said.

14 Aug 2006

Fuel Costs Pressure NOL Earnings

Neptune Orient Lines (NOL) reported a net profit of $187m for the first half of 2006, down 52% from the same period of 2005. The company posted a second quarter net profit of $67 million, 66% lower than in 2005. NOL Chairman Mr Cheng Wai Keung, said: “After record financial performances in the past three years, we are now in a more challenging business environment, which is reflected in reduced earnings for the first half of 2006. “Business conditions for both our liner and logistics segments have become more difficult. 1H 2006 total Group revenues rose slightly year-on-year to $3.52b, while the Group’s Core Earnings Before Gross Interest Expense, Tax and Non-Recurring Items (EBIT) of $227m was down 47% from the corresponding period of 2005.

21 Jan 2003

NOL Losses Near $335M

Neptune Orient Lines Limited (NOL) has revised the full year outlook for its 2002 financial results. “Our statement at the interim results in September that, although still recording a loss, we expected the second half of 2002 to be better than the first half remains correct at the operating level. However, exceptional items will significantly affect the overall bottom- line,” NOL Chairman Cheng Wai Keung said. Cheng said that exceptional items could amount to about $110 million. He said this reflected an impact of $8 million from industrial disruption last year on the West Coast of the United States; $14 million additional write-down of goodwill…

11 Jun 2003

New Directors Named at NOL

Neptune Orient Lines (NOL) has appointed Ang Kong Hua and Willie Cheng Jue Hiang, to the Board of Directors, and confirmed Ron Widdows as CEO of its container transportation unit, APL. Ang Kong Hua becomes a Vice Chairman of the Board, joining Dr Friedbert Malt in this role, and will sit on both the Board’s Executive Committee and Nominating Committee. Willie Cheng Jue Hiang will serve on the Audit Committee in addition to his responsibilities as a member of the full Board. NOL Group Chairman Cheng Wai Keung said both Ang Kong Hua and Mr Willie Cheng offered a valuable breadth of skills and management experience in the global business arena. Mr Ang Kong Hua is President of NatSteel, a listed Singapore-based manufacturing group.

12 Jun 2003

NOL Names Lim as President and CEO

Singapore-based container shipping group, Neptune Orient Lines (NOL), has appointed David Lim as group president and CEO. Lim will assume his new role on July 10, where he will join Group CFO Lim How Teck as an executive director on the NOL Board. Lim has experience in both the public and private sectors, including as CEO of the Port of Singapore Authority (PSA), where he initiated the global expansion of the world leading transportation hub with the acquisition of the Dalian Port in China; as CEO of China-Singapore Suzhou Industrial Park in China, CEO of Jurong Town Corporation and most recently as a Singapore Government Cabinet Minister.