NOL Appoints New CEO, CFO
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.
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.
NOL Posts Q1 Net Loss of $105 Mln
NOL Group reported a first quarter 2016 net loss after tax of $105 million. Core EBIT (Earnings before Interest, Taxes and Non-Recurring Items) for the period was a loss of $84 million, while core EBITDA (Earnings before Interest, Taxes, Depreciation and Amortization) remained positive at $18 million. “Worsening overcapacity of shipping tonnage in 2015 hit the industry well into first quarter 2016. Freight rates which declined across major trade lanes to historic low are expected to remain weak in the face of slower demand growth,” said NOL Group President and CEO Ng Yat Chung.
NOL Posts Loss
Neptune Orient Lines (NOL), the parent of containerline, APL, narrowed its fourth-quarter loss to US$75.45 million as the shipping company cut costs amid ongoing weakness in the industry. For the full year, NOL swung to a net profit of US$707.2 million, or 27.27 US cents per share, from a year-ago loss of US$259.8 million. Revenue fell 28 per cent during the quarter to US$1.3 billion amid planned capacity cuts, void sailings, weak container trade demand and a challenging freight rate environment.
CMA CGM Acquisition NOL: Aprroval Expected by Mid-2016
CMA CGM acquisition target Neptune Orient Lines (NOL) has made all necessary anti-trust filings and expect that the approvals will come sometime in the middle of 2016. NOL group president and chief executive Ng Yat Chung said NOL, which is being bought out by French shipping giant CMA CGM for $2.4bn, has made all necessary anti-trust filings. On 7 December 2015, CMA CGM S.A. announced a pre-conditional voluntary cash offer to acquire NOL at SGD1.30 per NOL share. The offer was subject to anti-trust clearances from the European Union, China and the US.
NOL Nets 4Q US$77 mln loss
NOL Group today reported a 4Q 2015 net loss of US$77 million, an improvement of US$8 million over 4Q 2014. The Group posted a Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss of US$65 million in the quarter. Its Core EBITDA remained positive at US$39 million. On a full year basis, NOL posted a net profit of US$707 million. Excluding a one-time US$888 million gain on the sale of its logistics unit, NOL incurred a full year net loss of US$181 million, an improvement of 30% over last year. NOL’s full year core EBIT loss reduced 5% year-on-year to US$72 million.
CMA CGM to Acquire NOL
The proposed cash acquisition of NOL at SGD 1.30 per NOL share, represents a 49% premium to NOL’s unaffected share price. Strategic acquisition resulting in combined turnover of USD 22 billion and fleet size of 563 vessels. CMA CGM, a global leader in container shipping, today announces a pre-conditional voluntary general cash offer for Neptune Orient Lines (NOL), Southeast Asia’s largest container shipping company (SGX: N03), subject to the satisfaction of the pre-conditions specified in such announcement.
NOL Records Q3 Loss, Freight Market Remains Weak
Shipping company Neptune Orient Lines Ltd (NOL) said on Friday its third-quarter net loss widened from a year earlier to $96 million, due to weak freight rates. NOL, controlled by Singapore's state investor Temasek Holdings, reported a revenue of $1.2 billion for the third quarter, which fell 28 percent on the year. "The absence of the traditional third-quarter peak season in Europe and North America led to severe freight rates erosion in major trade lanes," said NOL Group President and CEO Ng Yat Chung in a statement. Reporting by Rujun Shen
Neptune Orient Lines Logs Q2 Profit
Singapore's Neptune Orient Lines Ltd (NOL) swung to a tiny net profit in its second quarter after six straight quarters of losses but said it had seen severe freight rate erosion. "The group's container shipping business continued to face a challenging environment characterised by over-capacity and weak market demand," NOL Group CEO Ng Yat Chung said in a statement on Thursday. The container shipping line, controlled by Singapore's state investor Temasek Holdings, reported a net profit of $3 million in the quarter ending June 30 versus a net loss of $54 million a year earlier. People familiar with the matter told Reuters this month that Temasek had hired a bank to seek buyers for NOL.
NOL, KWE Ink APL Logistics Deal
SINGAPORE, TOKYO, 17 February 2015 – Neptune Orient Lines Limited (“NOL”) and Kintetsu World Express, Inc. (“KWE”), jointly announced today that they have entered into a sale and purchase agreement for NOL’s logistics business, APL Logistics, for US$1.2 billion. “This is a strategic move that will allow us to focus on improving our liner shipping business, while at the same time enabling APL Logistics to grow. The transaction will also strengthen our balance sheet and unlock value for our shareholders,” said Ng Yat Chung, Group President and CEO of NOL. NOL said that the divestment of APL Logistics follows a robust and highly competitive process, and that the net proceeds of the sale will be applied to strengthen its financial position, including to repay its borrowings.
NOL Posts Loss for Third Consecutive Year
Neptune Orient Lines (NOL) reported a 2014 net loss of $260 million today, marking the third consecutive year in the red for the Singapore-based global shipping company. NOL, parent company of APL, did reduce its 2014 fourth quarter Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss 79% against 2013 fourth quarter numbers. The group also improved its Core EBITDA in the quarter, bringing it to US$92 million compared to US$7 million in the same period last year. The group reported that it recorded US$430 million worth of cost savings in 2014.
NOL Cuts Losses Despite Difficult Trading Conditions
NOL Group today posted a 2Q 2014 net loss of US$54 million. Nevertheless, the Group has continued to make gains at the operating level, bringing its 2Q 2014 Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss down to US$15 million, a year-on-year improvement of 52%. The Group also improved its Core EBITDA this quarter, doubling it to US$78 million compared to US$39 million in the same period last year. NOL attributed the better results to its continuing focus on cost management and operational efficiency, which returned US$115 million worth of cost savings in the second quarter of 2014. Along with US$80 million recorded in the first quarter…
NOL’s 2013 Financial Performance up 82%
Group narrows net loss; lifted by $470 million (USD) cost savings and building sale. NOL Group today reported a 2013 net loss of $76 million, improving 82 percent from a $412 million loss the previous year. The group’s full year financial results were helped by a non-recurring $200 million gain from the completed sale of its headquarter building in Singapore, as well as its continued focus on operational efficiency and cost management, which delivered $470 million worth of cost savings in 2013. Coupled with $504 million saved in 2012, NOL had shed almost $1 billion in costs over the past two years. “The delivery of new tonnage in 2013 added to the over-capacity in the container shipping industry.
New President of APL Logistics Appointed
NOL Group has announced the appointment of Beat Simon as President of its wholly-owned subsidiary APL Logistics, a global third party logistics provider. He will assume the role on 1 March 2014, undertaking responsibility for the management and growth of APL Logistics. MOL Group explain that Mr. Simon is an industry veteran with more than 30 years of diverse international experience. He joins APL Logistics from Agility, a global logistics provider, where he held senior management positions since 2006.
NOL Reports $20m 3Q Profit
NOL Group reported net profits of $20 million for the third quarter of 2013, and year-to-date net profits of $61 million. The Group posted year-to-date Core EBIT improvement of 33% or $42 million, from a $127 million deficit in the same period last year. Singapore-based NOL attributed the better showing so far this year to its continuing focus on operational efficiency and cost management. Its two operating companies – APL and APL Logistics – both delivered better 2013 year-to-date performances at the Core EBIT level compared to the same period in 2012.
APL Name Fifth of 12 New Container Ships
APL has named their new 9,200-TEU (twenty-foot equivalent unit) container ship 'APL Savannah' at the Port of Los Angeles. The APL Savannah is the fifth in a series of twelve 9,200-TEU vessels to be delivered to APL, the container shipping arm of Singapore-based shipping and logistics company Neptune Orient Lines (NOL). She is also the first containership to be named and christened at the Port of Los Angeles. “Today, we celebrate our long history of more than 160 years in the US, and our commitment to and investment in the Trans-Pacific trade,” said Ng Yat Chung, Group President and CEO of NOL.
NOL Reports $148 Million Year-On-Year Improvement
NOL Group reported first quarter 2013 Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss of $85 million, a 64% improvement or $148 million, in the key profitability measure from a year ago. NOL attributed the improvement to a continuing focus on operational efficiency and cost mitigation. It was the fourth consecutive quarter of year-on-year improvement posted by the Group on a Core EBIT level. Including a nonrecurring gain of $200 million from the completed sale of the NOL headquarter building in Singapore, the Group posted a first quarter 2013 net profit of $76 million. “Our cost base has improved as we continue to build a more competitive NOL.
NOL Reports $208m Year-On-Year Improvement
Global container shipping and logistics group Neptune Orient Lines (NOL) reported fourth quarter 2012 Core EBIT (Earnings Before Interest and Taxes) loss of US$69 million, a 75% improvement in the key profitability measure from a year ago. The Group posted a full year net loss of US$419 million, mainly due to a first quarter net loss (before non-recurring items) of US$255 million and one-time charges of US$108 million. Singapore-based NOL also said that its efficiency programme delivered US$504 million of cost savings, which is in line with its 2012 target. The savings were primarily achieved through reduced fuel consumption, network optimization and increased terminal productivity. “General market conditions in 2012 remained challenging.
UK P&I Club Elects New Board
Seven directors were elected to the Board of the UK P&I Club at its AGM in Athens on the 27th October. After obtaining a postgraduate degree in industrial engineering, Ibrahim Güngen founded Güngen Foreign Trade Co Ltd with his brother Mehmet in 1976 and the business quickly became the biggest importer of molasses in Turkey. Mr Güngen has been chief executive officer of Güngen Maritime and Trading since 1990. Dr Grahaeme Henderson, aged 56, joined Shell following a PhD in Engineering from Southampton University in 1980.
NOL Group Reports $478m Loss
NOL Group today reported a $478 mnet loss in 2011 following net earnings of $461m in 2010. The container shipping and logistics company said unsettled economic conditions, high fuel costs and lower freight rates impacted results. "Recent freight rates show signs of improvement. However the global economy remains uncertain. The container shipping industry continues to face high fuel costs and overcapacity. “The performance of container shipping is disappointing.” said Group CEO Ng Yat Chung. “Over-capacity and higher fuel costs have negatively affected the whole container shipping industry. NOL said 2011 revenue decreased 2% to US$9.2 billion. The Group reported a Core EBIT (Earnings Before Interest and Taxes) loss of US$377 million for the year.
NOL Group: $254m 1Q Loss
NOL Group, the Singapore-based container shipping and logistics company, reported a first quarter 2012 net loss of 254 million compared to a net loss of $10 million in the same period last year. NOL said high fuel costs and low freight rates in container shipping affected first quarter 2012 performance. NOL said that in the first quarter of 2012 it achieved about $100 million of cost savings under its ongoing programme and it is on track to achieve $500 million worth of savings for 2012. The savings were primarily through reduced fuel consumption and improved operational costs.
NOL Reports Shipping Business EBIT Turnaround in Q2 2012
Singapore's Neptune Orient Lines (NOL) Group reports US$57 million Year-on-Year improvement in Core EBIT. NOL Group report second quarter 2012 Core EBIT (Earnings Before Interest and Taxes) of US$16 million, a US$57 million turnaround in the key profitability measure from a year ago. NOLs container shipping line, APL, reported second quarter Core EBIT of US$7 million. It was the first time since the fourth quarter of 2010 that the shipping business has been profitable. NOL attributed the result to improved freight rates and its efforts to control expenses and improve efficiency. APL Logistics, NOLs supply chain management business, reported second quarter Core EBIT of US$9 million.
NOL Reports $50 Million Profit
Increased operational efficiency, better market conditions boost Group’s performance. NOL Group reported net earnings of $50 million for the third quarter of 2012, a $141 million turnaround from the $91 million net loss in the third quarter of 2011. It was the first time since the fourth quarter of 2010 that the global container shipping and logistics group posted a net profit. Singapore-based NOL attributed the improvement in financial performance to increased cost efficiencies, stable rates and volume growth.