Nol Group News

06 May 2016

NOL Posts Q1 Net Loss of $105 Mln

Photo: NOL Group

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.

24 Feb 2016

CMA CGM Acquisition NOL: Aprroval Expected by Mid-2016

Image: Neptune Orient Lines Limited

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.

23 Feb 2016

NOL Nets 4Q US$77 mln loss

Image: Courtesy NOL

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.

30 Oct 2015

NOL Records Q3 Loss, Freight Market Remains Weak

Ng Yat Chung (Photo: NOL)

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

30 Jul 2015

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.

25 Mar 2015

Singapore Shipping Line NOL a Takeover Target?

Image: Neptune Orient Lines Limited

Singapore's Neptune Orient Lines (NOL) may be shaping up as a takeover candidate, a report in Bloomberg said. The appeal of the shipping company that helped cement Singapore's status as a global trade hub has increased after it agreed to sell its logistics unit last month for US$1.2 billion to cut debt. Possibility of a sale may help Temasek Holdings Pte, the Singapore state's Sovereign Wealth Fund (SWF) that controls Neptune Orient, bolster returns. The $1.8 billion container line’s natural partner would be Orient Overseas International Ltd.…

18 Feb 2015

Kintetsu Pays $1.2bln for APL Logistics

Image: Kintetsu World Express

Japanese freight carrier Kintetsu World Express Inc is buying Singapore's APL Logistics for US$1.2 billion, paying a higher than anticipated price for an overseas deal at a time of slow domestic growth. Tokyo-headquartered Kintetsu Express said on Tuesday that it agreed to pay S$1.6 billion to buy all of APL's shares from its parent, Neptune Orient Lines (NOL). Its own capital and bank loans will be used to fund the deal, it said. The sale of APL Logistics to the Japanese company will enable NOL to concentrate on its core but troubled container-shipping business.

13 Feb 2015

NOL Posts Loss for Third Consecutive Year

Ng Yat Chung, CEO of NOL Group

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.

08 Aug 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…

20 Feb 2014

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.

23 Dec 2013

New President of APL Logistics Appointed

Beat Simon: Photo credit NOL Group

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.

30 Oct 2013

NOL Reports $20m 3Q Profit

Ng Yat Chung, CEO of NOL Group

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.

03 Jun 2013

NOL Appoints Tom Behrens-Sørensen to Board

NOL Group announced thatTom Behrens-Sørensen will join its board of directors July 1 and will serve as a member of both the Executive Resource and Compensation Committee and the Enterprise Risk Management Committee. A shipping veteran with more than three decades of international experience, Mr. Behrens-Sørensen has a distinguished track record as a business first-mover in Europe, Australia and across Asia – particularly in India and China. Mr. Behrens-Sørensen’s career included a 30-year tenure at A.P. Moller-Maersk, where he held several senior leadership roles. Notably, he led the company’s successful expansion into China from 1994 through 2009, and built strong relations with key local government officials and industry decision makers. Based in Beijing, Mr.

14 May 2013

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.

04 Apr 2013

NOL Names Its Largest Container Ship

APL Temasek Naming Ceremony: Photo credit NOL

The 14,000-TEU container ship was named 'APL Temasek' by Mrs Mary Tan, wife of the Republic’s President at a Singapore ceremony. APL Temasek is the first in a series of ten 14,000-TEU vessels on order by the Singapore-based shipping and logistics group. She is also the largest container ship to be registered in Singapore. “Today, we celebrate a landmark in NOL’s history,” said NOL Group Chairman Mr Kwa Chong Seng. “We are modernizing our fleet, improving our cost structure, and investing in the future.

15 Mar 2013

NOL Appoints Leading Senior Counsel to Board

NOL Group has announced the appointment of Senior Counsel Mr Alvin Yeo to its Board of Directors. Subject to shareholders’ approval at NOL’s Annual General Meeting on 18 April 2013 (“AGM”),  Mr Yeo, Senior Partner at WongPartnership LLP, will join the Board after the AGM. He will serve as a member of the Executive Committee and Nominating Committee. Two of NOL’s current Directors, Mr Christopher Lau Loke Sam and Mr Peter Wagner, will retire from the Board at the AGM. Mr Lau is currently the Chairman of the Audit Committee and Member of the Enterprise Risk Management Committee.

25 Feb 2013

Efficiency Improvements Defray NOL Financial Loss

Container shipping & logistics group Neptune Orient Lines (NOL) publishes it year 2012 financial report. 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. APL, NOL Group’s liner shipping business, improved its performance in 2012 by US$167 million to report a Core EBIT loss of US$279 million.

22 Feb 2013

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.

22 Feb 2012

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.

09 May 2012

NOL Group: $254m 1Q Loss

Ng Yat Chung

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.

09 Aug 2012

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. NOLÂ’s 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, NOLÂ’s supply chain management business, reported second quarter Core EBIT of US$9 million.

25 Oct 2012

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.

06 Nov 2012

Diana Containerships: MOU to Buy Ship for $30m

Diana Containerships Inc. (Nasdaq:DCIX),  signed  through a separate wholly-owned subsidiary, a Memorandum of Agreement with Neptune Orient Lines Ltd. for the purchase of a 1995-built. Panamax container vessel of approximately 4,750 TEU capacity, the m/v "APL Garnet", for a purchase price of $30 million. The vessel is expected to be delivered to the Company from the sellers around the 19th of November, 2012. The vessel is to be chartered to NOL Liner (Pte.) Ltd. (or a guaranteed nominee or other entity of the NOL Group, subject to the Company's approval), for a period of thirty-four (34) months at a rate  of US$27,000 per day, with 30 days more or less at the charterer's option.

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