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Neptune Orient Lines News

02 Sep 2019

Marine Diesel Engine Market to Grow 3.9%

The global marine diesel engine market is estimated to grow at CAGR above 3.9% over the forecast time frame and reach the market value around US$ 8.1 billion by 2026.The worldwide market for marine diesel engines has expanded mainly as shipping industry needs to decrease carbon emissions, said Acumen Research and Consulting.The shipping industry focuses on developing higher-efficient diesel engines that use less diesel while offering more ship propulsion. However, the latest shipping and shipbuilding downturn has impaired the market.Shipbuilding orders decreased with lower shipping prices. Recovery is anticipated during the forecast period…

05 Jul 2019

Maersk, Major Shippers Hike Gulf-bound Box Rates

File Image: Maersk

A.P.

03 Jul 2017

CMA CGM Sells L.A. Box Terminal Stake

French container shipping firm CMA CGM said on Monday it had agreed to sell a 90 percent stake in a Los Angeles terminal to infrastructure funds for $817 million in cash. CMA CGM will retain a 10 percent interest in the Global Gateway South terminal after the deal with funds EQT Infrastructure and its partner P5 Infrastructure, the company said in a statement. The terminal came under CMA CGM's ownership through its 2015 takeover of Singapore's Neptune Orient Lines (NOL), a $2.4 billion deal that marked the Marseille-based group's biggest-ever acquisition. CMA CGM said the sale would help it pay down debts following the NOL takeover and that it was part of its strategy of focusing on shipping.

28 Sep 2016

Container Shippers Raided in S.Africa over Suspected Collusion

File photo: Maersk Line

Six of the world's biggest container shipping companies were raided by South African authorities on Wednesday on suspicion of colluding to inflate rates between Asia and South Africa, the country's Competition Commission said. The development comes as global container lines struggle in the worst-ever market conditions, caused by a glut of ships and slowing global trade, which has battered earnings and forced at least one out of business. The six companies raided comprise local subsidiaries of Denmark's Maersk…

20 Sep 2016

CMA CGM sees Opportunity in Hanjin collapse

CMA CGM will look at opportunities in container shipping triggered by the collapse of South Korea's Hanjin Shipping, the French group's vice chairman said on Tuesday. Hanjin, the world's seventh largest container line, filed for receivership last month, leaving more than 100 ships and their cargo at sea. "With the collapse of Hanjin, there will be a wave of consolidation in the sector and CMA CGM is on the look out for opportunities if they should arise," Rodolphe Saade told journalists. "We think that small or medium sized operators are going to go bust or be forced to join large operators like us," he said. Family owned CMA CGM has reinforced its position as the third largest container line through its acquisition this year of Singapore-based Neptune Orient Lines…

07 Sep 2016

CMA CGM Delists Neptune Orient Lines

Shares of Neptune Orient Lines (NOL) - now a wholly owned unit of French container ship operator CMA CGM - delisted from the Singapore Exchange (SGX) with effect from 9am September 07. CMA CGM said in a press release on Monday (Sep 5) that NOL had obtained the necessary waivers and approval from SGX for the delisting, which will take effect at 9am on Tuesday. CMA CGM has completed the exercise of its rights of compulsory acquisition of all NOL shares held by shareholders who did not accept the all-cash voluntary conditional general offer. The takeover has marked CMA CGM’s biggest ever acquisition and came as container lines sought to cope with a severe market downturn through greater scale.

03 Sep 2016

CMA CGM Posts Loss in Q2

Ocean Carrier CMA CGM reported a net loss of $128 million for the second quarter of 2016, compared to a net gain of $156 million for the second quarter of 2015. Its revenue declined to $3.5 billion ($3.3 billion excluding the contribution from Singapore’s Neptune Orient Lines (NOL), the parent company of container carrier APL) from the $4.1 billion in the second quarter of 2015 as the persistent pressure on freight rates drove down average revenue per TEU. Rodolphe Saadé, CMA CGM Group Vice-Chairman said: "We are experiencing a market environment that remains difficult, with excessively low freight rates weighing on our revenue and margins. He added: "The strategic relevance of NOL, fully financed, is reinforced.

03 Sep 2016

CMA CGM's Integration of NOL

After successfully acquiring a controlling interest in NOL, CMA CGM has consolidated the Singapore-based company since 14 June, says a press release from the company. Singapore’s Neptune Orient Lines (NOL) is the parent company of container carrier APL. As part of the NOL integration process, CMA CGM reviewed the portfolio of brands deployed on its various lines and concluded that only two brands should be used on each trade. By 30 June, the total stake had risen to nearly 93%. Since that date, a compulsory acquisition process has been initiated, which will result in CMA CGM owning all of the company's outstanding shares. Subsequently, as previously announced, NOL will be delisted.

20 Jul 2016

CMA CGM Completes NOL Acquisition

CMA CGM has reported its all-cash voluntary unconditional general offer for Neptune Orient Lines Ltd (NOL) closed on July 18, 2016, with CMA CGM now owning approximately 97.83 per cent of NOL's share capital. Monday July 18 marked the last day of trading in shares of NOL on the Singapore Exchange. Trading in NOL was suspended. Singapore's former national shipping company was acquired in a 3.38 billion Singapore dollar ($2.5 billion) acquisition by the French shipping line CMA CGM. CMA has passed the required threshold allowing it to compel any remaining shareholders to sell; it has initiated the process for compulsory acquisition of the remaining two percent of shares on the market, at the same price offered for the voluntary buyout.

29 Jun 2016

CMA CGM Crosses 91.05% Ownership Threshold of NOL

CMA CGM S.A has crossed the compulsory acquisition ownership threshold in Neptune Orient Lines Limited (NOL). Following its all-cash voluntary conditional general offer (Offer) for NOL which was launched on June 6th, 2016, CMA CGM now owns 2,376,715,557 shares representing approximately 91.28% of NOL’s share capital. CMA CGM confirms that it intends to exercise its rights of compulsory acquisition to compulsorily acquire all the NOL shares held by NOL shareholders who have not accepted the Offer, at a price equal to the Offer Price of SGD1.30, in accordance with the Companies Act (Chapter 50 of Singapore). CMA CGM will therefore exercise its rights to compulsorily acquire the remaining NOL shares as soon as practicable after the close of the Offer.

28 Jun 2016

CMA CGM Crosses 90% Ownership Threshold in NOL

Container shipper CMA CGM S.A. has crossed the 90 percent ownership threshold in Neptune Orient Lines Limited (NOL), enabling it to bring the Singapore company private. Following its all-cash voluntary conditional general offer (Offer) for NOL which was launched on June 6, 2016, CMA CGM now owns 2,361,044,044 shares representing approximately 90.68 percent of NOL’s share capital. With the public float of NOL shares now falling below the minimum threshold of 10 percent, the Singapore Exchange Securities Trading Limited (SGX-ST) may suspend the trading of NOL shares at the close of the Offer. In the event of a trading suspension, CMA CGM does not intend to take steps for the suspension to be lifted. In addition, CMA CGM intends to have NOL delisted from the Main Board of the SGX-ST.

21 Jun 2016

Maersk Fights to Stay on top as Containership Downturn Deepens

Maersk Mc_Kinney Moller (Photo courtesy Maersk)

Denmark's Maersk Line is fighting to remain the world's no.1 container shipping carrier as a wave of mergers and acquisitions, particularly in Asia, creates new challengers trying to grab a bigger share of a depressed market. Maersk itself hasn't made a major acquisition for more than a decade but says it might be open to "the right opportunity", although doubters believe such deals risk accumulating ships without securing enough customers. A unit of oil and shipping group A.P. Moller-Maersk , the line has a 15 percent share of the overall container market.

16 Jun 2016

CMA CGM Confirms Partnership with PSA

CMA CGM and PSA Singapore Terminals (PSA) have confirmed that they will establish form a joint venture company CMA CGM-PSA Lion Terminal Pte. Ltd. (CPLT) to operate and use four mega container berths in Singapore. CPLT will commence operations from the second half of this year, allowing CMA CGM and its shipping line affiliates to leverage on the port infrastructure and technologies with this latest Pasir Panjang expansion. There was no disclosed investment amount for the joint venture deal, but CPLT will be providing long-term terminal services to CMA CGM and its shipping line affiliates, both companies said. Rodolphe Saadé, Vice Chairman of CMA CGM Group: “CMA CGM is pleased to announce this important partnership with PSA.

14 Jun 2016

NOL Appoints New CEO, CFO

Nicolas Sartini (Photo: NOL)

Amid a takeover by France’s CMA CGM, Singapore container shipper Neptune Orient Lines (NOL) has named a new chief executive officer and chief financial officer. Nicolas Sartini will take over as chief executive officer, succeeding Ng Yat Chung, who has served as NOL president and CEO since 2011. New chief financial officer Serge Corbel will join Sartini as executive directors of the newly constituted 10-member NOL board. Ng will continue as executive director on the NOL board and will be a special adviser to the new chairman, Rodolphe Saadé, who is also the vice chairman of CMA CGM.

13 Jun 2016

CMA CGM to delist NOL

French container shipping firm CMA CGM plans to delist Neptune Orient Lines (NOL) following its takeover of the Singaporean shipper, CMA CGM's vice chairman Rodolphe Saade told French daily Les Echos. CMA CGM, the world's third-largest container shipping company, said earlier this month it holds over 78 percent of NOL shares after buying Temasek Holdings' stake in a $2.4-billion deal agreed last year. Minority shareholders can sell their shares to CMA CG until July 18. Saade said he was confident they will sell and added that as soon as CMA CGM holds 90 percent of NOL, Singapore law will oblige any remaining minority shareholders to sell, after which NOL will be delisted.

10 Jun 2016

CMA CGM Takes Control at NOL, Reshuffles the Board

France’s CMA CGM now holds over 78 percent of the shares in Neptune Orient Lines (NOL), bringing it closer to taking the Singapore company private. CMA CGM currently owns approximately 78.07% of all NOL shares, and does not intend to preserve the listing status of NOL. Further to the Offer Implementation Agreement, this change in control results in a change in the composition of NOL's Board of Directors. Consequently, a reconstituted Board of Directors, comprising ten members, has been appointed with effect from 9 June. The members of the reconstituted Board of Directors are Mr. Rodolphe Saadé (Chairman), Nicolas Sartini, Lars Kastrup, Serge Corbel, Ziad Tabet, Mrs. Mathilde Lemoine, Ng Yat Chung, Kwa Chong Seng, Quek See Tiat and Tan Puay Chiang.

08 Jun 2016

CMA CGM's Bid for NOL Open Until July 4

CMA CGM has finally made its all-cash voluntary conditional general offer for all the outstanding shares of Neptune Orient Lines (NOL). This follows approvals by the relevant regulatory authorities in the European Union and China. The offer price is SGD 1.30 in cash per NOL share, which CMA CGM called a fair value and an offer that the company does not intend to increase. Acceptance of the offer is due by July 4, 2016. CMA CGM currently owns 10.5% of all NOL shares, and intends to delist and privatise NOL through the Offer. NOL’s majority shareholders (Temasek Holdings (Private) Limited and its affiliates), which own 66.78% of all NOL shares, will tender all of their NOL shares in acceptance of the Offer.

30 May 2016

CMA CGM Intends Offer to Acquire NOL

Following the satisfaction and waiver (as the case may be) of the conditions set forth in the pre-conditional offer announcement dated 7 December 2015, CMA CGM S.A. (CMA CGM), announced its firm intention to make an all-cash voluntary conditional general offer (Offer) for all the outstanding shares of Neptune Orient Lines Limited (NOL), other than those it already owns, controls or has agreed to acquire. The Offer Price is SGD 1.30 in cash per NOL share, which CMA CGM does not intend to increase. Further details of the Offer are set out in the Offer Announcement dated 30 May 2016, and will be set out in the Composite Document, which will comprise the Offer document and NOL's circular to its shareholders…

12 May 2016

CMA CGM Stake in NOL Edges Past 10%

French container shipping giant CMA CGM now owns 10.07% of its takeover target Singapore's Neptune Orient Lines (NOL) as open share buys continue on a near daily basis. The European Commission has approved CMA CGM's $3.38 billion acquisition of NOL. The acquisition of 636,500 more shares on Wednesday helped the French liner giant to pass the psychological threshold. NOL is being bought for $1.30 a share, subject to anti-trust clearances from the European Union, China and the United States. But CMA CGM acquired latest bulk of shares in NOL for SGD1.29 ($0.94), one cent below its takeover offer price. Privately owned CMA CGM has said its aim is to delist NOL, and CMA CGM would need more than 90 per cent to get NOL delisted.

13 May 2016

Hapag-Lloyd, Competitors Form New Pact

To fend against M2, newly forming Ocean Alliance is latest push for economies of scale groups. German container shipping firm Hapag-Lloyd has formed a new alliance with five Asian competitors, it said on Friday, the latest step in an industry reorganisation that is divvying up the global business into partnerships to save costs. The alliance -- dubbed THE Alliance -- will join Hamburg-based Hapag-Lloyd with Japan's Nippon Yusen Kaisha (NYK) , Kawasaki Kisen Kaisha ("K"-Line) and Mitsui OSK Line (MOL), South Korea's Hanjin Shipping and Taiwan's Yang Ming Marine Transport. The new group includes most of the companies left out of two previously-announced alliances: M2…

20 May 2016

CMA CGM Aims to Cut Costs by $1 Bln

Photo: CMA CGM

France's CMA CGM, the world's third-largest container shipping firm, reported a first-quarter net loss on Friday and targeted $1 billion in cost cuts to keep operating margins positive during the current market downturn. Weak freight rates in the past year have left many lines operating at a loss. The Marseille-based company is in the process of acquiring Singapore's Neptune Orient Lines (NOL) for $2.4 billion in its biggest-ever deal, and last month announced a global vessel-sharing alliance with three Asian lines.

25 May 2016

China Okays CMA CGM's Acquisition of NOL

CMA CGM S.A. (CMA CGM), a global leader in container shipping, announces that it has received today confirmation that its pending acquisition of Neptune Orient Lines (NOL), Southeast Asia’s largest container shipping company (SGX: N03), has been cleared by the Anti-monopoly Bureau of the Chinese Ministry of Commerce (MOFCOM). With regulatory approvals now received from MOFCOM and the European Commission on its proposed voluntary general cash offer for NOL as announced on 7 December 2015 (Offer), CMA CGM expects to announce the Offer by June 2, 2016 (before 7 a.m.) at the latest. For more information about the proposed transaction, please visit the dedicated website www.ccn-web.com.

25 May 2016

CMA CGM Proceeds with NOL Takeover after China Okay

CMA CGM, the world's third-largest container shipping firm, is to go ahead with its planned acquisition of Singapore's Neptune Orient Lines (NOL) after receiving regulatory clearance from China, the French group said. CMA CGM received on Wednesday confirmation of the deal's approval by the anti-monopoly Bureau of the Chinese Ministry of Commerce (MOFCOM), it said in a statement. "With regulatory approvals now received from MOFCOM and the European Commission on its proposed voluntary general cash offer for NOL as announced on 7 December 2015 (Offer), CMA CGM expects to announce the Offer by June 2, 2016 (before 7 a.m.) at the latest," it said. The European Commission gave its approval to the deal at the end of April.