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Apl Container Shipping News

08 Aug 2008

NOL Invited into Next Stage of Hapag-Lloyd Sale Process

Neptune Orient Lines Limited (NOL) has been invited to continue into the next phase of the bidding process for the sale of the Hapag-Lloyd container shipping business. NOL submitted an indicative non-binding bid to acquire Hapag-Lloyd to the company’s owner TUI AG on 21 July 2008. Any agreement would be subject to, among other steps, due diligence, submission and acceptance of NOL’s final bid, regulatory approvals and NOL shareholders’ approvals. If successful, NOL would integrate its APL container shipping business with Hapag-Lloyd, which would create the world’s third-largest container carrier. While the process is underway, NOL will be bound by strict confidentiality undertakings, which legally restrict the company’s ability to share information.

04 Aug 2008

New President at APL

Neptune Orient Lines Limited announced the appointment of Eng Aik Meng as President of its APL container shipping unit. Mr. Eng will shortly rejoin NOL from Singapore-headquartered diversified shipping and industrial supply chain company IMC Corp Group, where he is currently Deputy Chief Executive Officer and, concurrently, Managing Director of its Aurora Tankers business. Previously, from 1993 to June 2007, Mr. Eng served with NOL in a variety of roles. He was Senior Vice President of APL’s Intra-Asia business from 2002 to 2007.

14 May 2008

NOL 1Q Profit Up 183%

Neptune Orient Lines (NOL) reported a net profit for the first quarter of 2008 (1Q08) of $121 million, a rise of 183% over the same period of 2007 (1Q07). 1Q08 EBIT was $137 million, up 114% on the prior year. Revenue rose year-on-year by 27% to $2.41 billion. “Our increased revenue clearly shows our Group is well positioned in a growth industry. At a time of economic uncertainty and unprecedented fuel costs, we have again illustrated the viability of our business model and our strong focus on cost management,” said Dr. Thomas Held, NOL Group President and CEO.