Flemming Jacobs News

Neptune Orient Lines' (NOL) new CEO Flemming Jacobs reportedly announced his top priority was to turn around the indebted Singapore-based shipping group.

Neptune Orient Lines (NOL) returned to the black in 1999 after suffering losses the previous two years, and CEO Flemming Jacobs said the shipping group could expect to sustain its profits in 2000. "There is no doubt that the turnaround is real. In the second half of 1999, we built profitability back into the business...but now there is no looking back," Jacobs said. For the year ended December 31, 1999, the national shipping company reported a net profit of $92.8 million, compared to a net loss of $246.8 million in 1998. Turnover grew 12 percent to $4.2 billion, largely due to improved operations. Barra Global Estimates has a consensus net profit forecast of $61.4 million for 1999. Jacobs said NOL, which would report its future earnings in U.S.

Shipping and logistics group Neptune Orient Lines (NOL) reported sharply higher interim net profit that met market expectations, helped by higher freight rates and lower interest expenses. Its net profit surged to $48.70 million from $8.43 million on the back of an eight percent increase in turnover to $2.19 billion. Barra Global Estimates has a full year consensus forecast of S$215.6 million ($123.2 million) Janice Chua, analyst at Vickers Ballas, had expected the first half to come in at S$80 million ($45.7 million). Speaking at a news conference, NOL group president and chief executive Flemming Jacobs said the operating results would have been much better compared to the first half of 1999, except for a non-recurring gain a year ago.

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". 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.

Neptune Orient Lines Ltd (NOL), the world's sixth largest container shipping group, apologized to shareholders in a Singapore newspaper advertisement on Thursday for its recent one-day share suspension and price drop. "It is regrettable if the suspension has caused you concern and inconvenience," Flemming Jacobs, NOL Group president and CEO, said in a Business Times announcement. The Singapore Exchange suspended NOL shares last Friday after Jacobs said in an interview carried in local newspapers that the Singapore-based company's reults would be lower this year. "The expectations now are for much lower results than what we saw last year," he was quoted as saying.

Shares of Singapore-based Neptune Orient Lines (NOL), the world's sixth largest container ship operator, were suspended on Friday pending an announcement. "We suggested a suspension pending an announcement by them," a spokesman from the Singapore Exchange told Reuters. NOL officials were not immediately available to comment but the market was speculating the firm may issue a statement on its performance expectations. The Straits Times newspaper quoted president and chief executive Flemming Jacobs as saying "the expectations now are for much lower results than what we saw last year". Falling freight rates and sluggish cargo volumes as a result of the global economic downturn have hurt shippers like NOL. NOL shares were trading at S$1.16 before the suspension.

Neptune Orient Lines Ltd. (NOL) expects a better second half and overall profit in the current year. NOL said the bottoming out of the Asian economic crisis had resulted in higher cargo volumes in most sectors. Freight rates out of Asia to Europe and North America had also increased since mid-year, it said in comments accompanying its result. NOL reported last Wednesday an interim net profit, the first time in two years, but results were disappointing as gains came mostly from non-recurring items. The national shipping giant reported a net profit of S$10.02 million for the six months ended June 30, 1999 against a net loss of S$240.76 million a year earlier.

Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10% on optimism over recent management changes, dealers said on Tuesday. Late September, NOL said it had hired more senior executives from Sea-Land Services as senior officals for its container transportation arm, APL. The move were seen as positive and reinforced the shipping group's commitment to grow its European and North American presence. Flemming Jacobs is NOL's new chief executive officer.

Neptune Orient Lines' (NOL) new CEO Flemming Jacobs reportedly announced his top priority was to turn around the indebted Singapore-based shipping group.