NOL To Buy GATX Logistics For $210M
Shares of Singapore shipping and logistics firm Neptune Orient Lines (NOL) rose 7.5 percent on Tuesday, buoyed by its deal to buy U.S.-based GATX Logistics for $210.5 million in cash. "They (NOL) have always said logistics is going to be a growth area for them. So, having made a significant acquisition, people tend to look at it positively because they are moving in the right direction," said Seah Hiang Hong, head of research at Kim Eng Securities. NOL said the acquisition would boost revenues for the group's unit APL Logistics -- the vehicle used to buy GATX -- by 70 percent or more than $300 million. GATX, owned by GATX Corp. until last June, is the second largest warehouse-based contract logistic company in the United States with about 21 million sq ft of warehousing space.
People & Company News
Maritime Surveys Ltd., Shoreham, Sussex, U.K., recently took delivery of the first SeaBat 8160 multibeam echosounder system from RESON A/S. The SeaBat 8160 was installed on one of Maritime's survey vessels, the Scotian Shore. Alastair MacDonald, managing director of Maritime Surveys, commented on the success of the sea trials: "The SeaBat 8160 delivered the highest quality multibeam survey data in a swath width of 1,300 meters at 3,000 meters water depth, even when experiencing a near 20 degree roll and 12 degree pitch. The excellent data quality combined with the system's portability makes the 8160 extremely valuable for our operations." During these trials the system was supported by GSE Rentals of Aberdeen who supplied a TSS POS M/V 320 system.
NOL Reports First Half Profit of $11M
In summarizing his company's results, Mr. Flemming R. "We have achieved much. We came from a difficult past and we are on the right track to return to full health, but we are not there yet. We would have preferred a little more time to consolidate all we have achieved and are achieving before having to deal with a severe downturn in the economic environment like this one. "2001 is proving a tough year -- and, while this result is disappointing, we have to remember where we started from and accept that sustained profitability is not achieved magically overnight," Jacobs said. The Group recorded serious losses in 1997-98 when the Asian crisis hit just as it had purchased the American liner business, APL.
