Chevron Lubricant Receives Approval from WinGD
Chevron Marine Lubricants received a No Objection Letter (NOL) from Winterthur Gas & Diesel (WinGD) for the use of its Taro Special HT 100 cylinder lubrication oil in a number of the manufacturer’s engines when operating on a wide variety of fuels from 0.0% to 3.5% sulphur, including fuels compliant with emissions control area (ECA) regulations with a maximum content of 0.10% sulphur, eliminating the need to change cylinder lubricants when operating in and out of ECAs. This follows 2,000 hours of validation testing on-board a Panamax containership fitted with a Wärtsilä 8RT-flex82T engine. The NOL applies to the use of Taro Special HT 100 in WinGD X…
NOL Acquisition Soon?
Neptune Orient Lines(NOL) confirmed that it is continuing in discussions with respect to a potential acquisition of the group as previously announced on Nov 7 on the local bourse, reports Business Times. This comes after the Singapore Exchange Securities Trading Limited (SGX-ST) queried about NOL's trading activity on Tuesday. On Nov. 7, NOL, which is 67% owned by Singaporean state-owned investment company Temasek Holdings, announced it was in "preliminary discussions" with the world's largest shipping company, A.P. Moeller-Maersk of Denmark, and No.
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…
CMA CGM Buys NOL Shares from Open Market, Below Par
CMA CGM SA has bought about 3.68 million shares of Singapore-based Neptune Orient Lines (NOL) on the open market at S$1.22 per share. The shares purchased make up 0.14 per cent of NOL's issued share capital, reports Straits Times. The purchase price is at a 6 per cent discount to CMA CGM's offer to acquire all of NOL's issued and paid up shares at S$1.30 per share. CMA CGM SA has already made a $2.4 billion takeover bid for NOL to try to cement its own position as a global leader in container shipping.
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.
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.
Senior Appointments at NOL
Orient Lines Limited (NOL) announced two senior management appointments. Cedric Foo, currently NOL Group Deputy President, will assume the additional responsibilities of President Asia/Middle East for NOL Group. Foo rejoined NOL in May 2005 to head corporate planning, having previously served in the Company from 1985 to 2000, most latterly as Executive Vice President of Corporate Finance. He was Senior Vice President at Singapore Airlines from 2000 to 2002 and has been a Member of Singapore's Parliament since 2001. Mr Foo was Singapore's Minister of State in both the Ministry of Defence and Ministry of National Development from 2002 to 2005. Brian Lutt has been appointed President APL Logistics.
NOL in Acquisition Talks with CMA CGM, Maersk
Neptune Orient Lines Ltd (NOL) has officially confirmed that it is a takeover target of two separate companies: French shipping company CMA CGM and Danish conglomerate AP Moeller-Maersk. As per a report in the Business Times, NOL said in an announcement on Saturday evening that it was in preliminary talks with the two "with respect to a potential acquisition of NOL". "There is no assurance that any such discussions will result in any definitive agreement or transaction, or that any offer for NOL will be made or as to the terms on which any such offer might be made," it said.
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.
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.
NOL Appoints New Chief Information Officer
The NOL Group has elected veteran technology executive, Donald G. Liedtke, as its chief information officer (CIO) - heading its organization of about 300 computer systems specialists. Liedtke, who was previously with Packard Bell NEC, will be based at the APL office in Oakland, Calif., which houses NOL's information technology group, as well as the global headquarters of APL Logistics - the container transportation and logistics arm of the NOL Group.
NOL Removes Foreign Shareholding Limit
Neptune Orient Lines Ltd. (NOL) shareholders approved the removal of the firm's foreign shareholding limit of 49 percent. A 50 percent limit on foreign directors on the NOL board was also removed. NOL officials said that the approval to remove the foreign ownership limit would enable the firm to broaden its shareholder base internationally. The global transportation and logistics company said its shareholders also agreed to introduce new share-based incentive plans for its employees.
NOL Shares Soar On Management Change News
Shares of shipping and logistics group Neptune Orient Lines Ltd. (NOL) surged almost 10% on optimism over recent management changes, dealers said on Tuesday. Late September, NOL said it had hired more senior executives from Sea-Land Services as senior officals for its container transportation arm, APL. The move were seen as positive and reinforced the shipping group's commitment to grow its European and North American presence. Flemming Jacobs is NOL's new chief executive officer.
NOL to Help Develop a New Container Terminal
Neptune Orient Lines (NOL) has been advised by the Port of Rotterdam that a consortium comprising NOL, Hyundai Merchant Marine, Mitsui OSK Lines, DP World and CMA CGM has been awarded the right to equip and operate the first container terminal to be developed at Maasvlakte 2 in Rotterdam. The 156 hectare terminal will have a capacity of around 4 million TEU and is expected to be operational in 2013. NOL’s share of the consortium will be 20%.
NOL Elects Deputy Chair And New Directors
NOL has named Cheng Wai Keung as deputy chairman, and has further expanded by appointing Marvin J. Girouard and Dr. Friedbert Malt as non-executive directors. Keung, who has been with NOL since 1992, has further developed his working knowledge of the company as a member of the executive committee since 1997, while Girouard, the current chairman and CEO of Pier One Imports, and Dr. Malt, a prominent German banker, both bring a wealth of knowledge to NOL's board.
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.
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.
New CEO at NOL
Neptune Orient Lines Limited announced that, by mutual agreement with the Board of Directors, Dr Thomas Held has stepped down from the position of Group President and Chief Executive Officer (“CEO”) of the company and that Mr Ronald Widdows has been appointed as the new Group President and CEO. Dr Held has also resigned from, and Mr Widdows has been appointed a member of, the NOL Board of Directors. The changes have immediate effect. Mr Widdows is currently the CEO of NOL’s container shipping business APL, and has held this position since 2003. Dr Held has been CEO of NOL since November 2006 and brought to the Group extensive experience of global logistics.
NOL Expects It To Be A Profitable Year
Neptune Orient Lines Ltd. (NOL) expects a better second half and overall profit in the current year. NOL said the bottoming out of the Asian economic crisis had resulted in higher cargo volumes in most sectors. Freight rates out of Asia to Europe and North America had also increased since mid-year, it said in comments accompanying its result. NOL reported last Wednesday an interim net profit, the first time in two years, but results were disappointing as gains came mostly from non-recurring items. The national shipping giant reported a net profit of S$10.02 million for the six months ended June 30, 1999 against a net loss of S$240.76 million a year earlier.
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.
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.
$1.7 billion NOL Up for Sale. Will Hapag-Lloyd Buy?
Singapore Sovereign Wealth Fund Temasek Holdings has put Neptune Orient Lines (NOL) up for sale, says a Wall Street Journal (WSJ) report. The WSJ reported that Temasek was in talks with one buyer in recent months but the two sides could not agree on a price for the loss-making company. The WSJ put NOL's market capitalization at 2.3 billion Singapore dollars ($1.7 billion). The report, citing unnamed sources, said the liner company has been "shopped to prospective buyers" in recent months. NOL is about 67 per cent owned by Temasek, going by Bloomberg data.