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 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 Key Senior Appointments
Neptune Orient Lines (NOL) Group President & CEO Ronald D. Widdows announced new senior management appointments to head the Group’s APL Logistics business unit and its South Asia Region organisation. Jim McAdam has been promoted and assumes the position of President, APL Logistics, the unit of the NOL Group that provides international supply chain capabilities for customers globally. He replaces Brian Lutt who recently left the Group to pursue other opportunities. McAdam is currently APL’s President South Asia Region and prior to that was President of the Asia/Middle East Region from 2006. From 2004 to 2006 he was NOL’s Senior Vice President, Business Solutions, responsible for developing and implementing supply chain solutions for some of the Group’s largest global customers.
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…
Former NOL Group CEO Passes Away
“NOL is deeply saddened by the loss of Mr. Lua Cheng Eng. Mr. Lua was the CEO of NOL Group for 20 years from 1979 through 1999. He built up NOL from a small shipping line to a major carrier with 120 ships. NOL Chairman Cheng Wai Keung said: “Our thoughts and sympathies go out to the family and friends of Mr. Lua. The NOL Group is today the fifth-largest container shipping company in the world. We could not have achieved this position without Mr. Lua’s bold vision and years of contributions to the enterprise. Group CEO Ron Widdows recalled Mr. Lua as a highly respected shipping leader. “Among many other affiliations, he was the President of the Baltic and International Maritime Council (BIMCO) and the Singapore Shipping Association…
MOL Orders New Containerships
Mitsui O.S.K. Lines, Ltd. (MOL) today announced a decision to order two containerships (8,600 TEU) from Mitsubishi Heavy Industries, Ltd., with delivery slated for 2013. Along with eight 8,100 TEU ships already in operation, the new vessels will be deployed to Asia-Europe routes. The company also reached an agreement with NOL Group* for a three-year charter of five large containerships (14,000 TEU) of 10 that NOL Group has on order. The five chartered ships will be delivered in 2013 –2014 and will serve with the other five operated by APL on Asia-Europe routes. “Expansion of the fleet will secure needed capacity on the East-West route," said Junichiro Ikeda, CEO, MOL Liner.
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
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 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 Group Announces Succession Plan for Group CEO
NOL Group announced its executive succession plan to appoint Mr. Ng Yat Chung the next Group President and Chief Executive Officer. Mr. Ng will take over from Mr. Ron Widdows, who will retire from his present post at the end of this year and remain as a Senior Adviser to the Company. Mr. Ng spent 28 years in key leadership roles in Singapore’s Armed Forces (SAF). Prior to assuming his present role as a senior executive with Temasek Holdings, he was Chief of Defence Force from 2003 to 2007…
NOL Reports $461M Net Profit in 2010
NOL Group today reported net profit of US$461 million for 2010, representing a US$1.2 billion turnaround from its US$741 million loss in 2009. The container shipping and logistics company said that group revenue reached an all-time high of US$9.4 billion, up 45% from last year. NOL’s fourth quarter net earnings were US$177 million. That compared to a US$211 million loss in the same period a year ago. NOL reported 2010 Core EBIT (Earnings Before Interest and Taxes) of US$557 million, compared to a Core EBIT loss of US$651 million in 2009. Core EBIT in the fourth quarter was US$198 million. “Strong demand from shippers and rate increases in our major trade lanes helped drive the turnaround,” said NOL Group CEO Ronald D. Widdows.
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.
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.
New CNOOC Fields in Bohai Bay Start Production
CNOOC Limited announced that its two new oil fields, BoZhong (BZ) 26-3 and LuDa (LD) 32-2 in the Bohai Bay have successfully commenced production recently. BZ 26-3 is located in the central part of Bohai Bay, neighboring producing field BZ 25-1S. The field has an average water depth of about 25 meters. The development and production operations of BZ 26-3 mainly rely on the facilities of its surrounding oilfields. With 4 wells online currently, BZ 26-3 is expected to hit its peak production of more than 6,600 barrels per day in 2011. LD 32-2 is located in the Eastern Bohai Bay with water depth of about 25 meters, and adjacent to producing oil field LD 27-2. In order to reduce production cost, a joint development plan was carried out for both LD32-2 and LD27-2 fields.
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.
NOL Group - Cost Reduction Initiatives
Neptune Orient Lines Limited (NOL), the parent company of container shipping line APL and of APL Logistics, announced a package of measures to place the company on a more sustainable footing through an expected severe and prolonged downturn in global container shipping. The actions to be taken will bring the organisation into line with the reduced capacity the company will be operating as a result of initiatives announced on 21 October 2008. The capacity reductions will lower the NOL Group’s vessel network costs by about US$200 million in 2009 (This figure includes some fixed vessel and charter hire costs). NOL said it did not see a recovery from the challenging conditions for quite some time and the potential exists for them to persist for the next few years.
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.
APL President Eng Aik Meng Resigns
NOL Group announced the resignation of Eng Aik Meng as President of its APL shipping business. The container transportation and logistics group has named Kenneth Glenn, currently President of its North Asia Region, as his replacement. NOL said Mr. Eng will leave the company September 1, 2011, to take a new position outside the transportation industry. "We understand Aik Meng's desire to begin a new phase in his career, and we thank him for his contributions to NOL," said Group CEO Ronald D. Widdows. Mr.
NOL Group 1Q Profits Drop 64%
Neptune Orient Lines (NOL) reported a net profit for the first quarter of 2007 of $43m, down 64% year-on-year. The Group’s Core EBIT (Earnings Before Gross Interest Expense, Tax and Non-Recurring Items) was $58 million, 59% lower than Core EBIT for the same period of 2006. The Liner business achieved Core EBIT of $41 million, down 67%. APL Logistics reported Core EBIT of $12 million, down 25%. 1Q2007 revenues rose year-on-year by 1% to $1.9 billion. NOL Group President and Chief Executive Officer, Dr Thomas Held, said: “Freight rate levels for our company in the first quarter of 2007 were, on average, 6% lower than in first quarter 2006. This reduction in rate levels year-on-year has been the major factor in the lower profit reported today.
NOL Group's Two-Berth Terminal in Qingdao
NOL Group today announced a joint venture to operate a two-berth container terminal at the Port of Qingdao. The terminal, expected to open in the second half of 2011, will be NOL’s first in mainland China. “Today we’ve taken a significant step to strengthen our presence in China and participate fully in its unprecedented growth,” said Kenneth Glenn, APL President for North Asia. Container shipping and logistics giant NOL said, together with SITC International Holdings Company Limited…
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 Announces Clean-air Milestone In Singapore
SINGAPORE: 12 APRIL, 2011 - NOL Group today announced a maritime milestone: its vessels will become the first to use cleaner-burning, low-sulphur gas oil in Singapore. The decision is expected to curb sulphur oxides emissions from ships by almost 90%. Sulphur oxides are considered a key component of acid rain. Ash and particulate matter emissions could be reduced by 80% to 90%. "We are proud to be the first container shipping line to convert to cleaner-burning fuel here," said Eng Aik Meng, President of APL, the NOL Group's shipping line.
NOL Profits Are Up Sharply
Shipping and logistics group Neptune Orient Lines (NOL) reported sharply higher interim net profit that met market expectations, helped by higher freight rates and lower interest expenses. Its net profit surged to $48.70 million from $8.43 million on the back of an eight percent increase in turnover to $2.19 billion. Barra Global Estimates has a full year consensus forecast of S$215.6 million ($123.2 million) Janice Chua, analyst at Vickers Ballas, had expected the first half to come in at S$80 million ($45.7 million). Speaking at a news conference, NOL group president and chief executive Flemming Jacobs said the operating results would have been much better compared to the first half of 1999, except for a non-recurring gain a year ago.