Neptune's American Eagle IPO Is A No-Go

Neptune Orient Lines (NOL) said on Friday its unit American Eagle Tankers had decided to withdraw its initial public offering due to market weakness.

American Eagle, Singapore-based NOL's oil transportation unit, had received approval for a share listing on the New York Stock Exchange and also planned to issue Singapore Depositary Receipts.

"NOL's management is committed to maximizing shareholder value for its investors, but believes that current equity market conditions do not favor a listing for AET," the company said in a statement.