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 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 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.
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.
NOL Names Its Largest Container Ship
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.
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.
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.
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.
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.
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.
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 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 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…
Four Honors for NOL at Asian Freight Awards
SINGAPORE, 27 APRIL 2011 – NOL Group won accolades for excellence in Shipping and Logistics and CEO Ron Widdows received the Lifetime Achievement Award at the 25th Asian Freight & Supply Chain Awards here tonight. Both of NOL’s principal businesses were honored at one of the longest-running awards tributes in the Asian transportation sector. Container carrier APL was named Best Shipping Line in the Transpacific and Asia-Europe trades. APL Logistics won in the category of Best Logistics Service Provider – Sea Freight.
NOL Group Reports $10M Q1 Net Loss
NOL Group, the Singapore-based container shipping and logistics company, today reported a first quarter 2011 net loss of US$10 million compared to a net loss of US$98 million in the same period last year. NOL said first quarter 2011 revenue was US$2.4 billion, up 16% from a year ago. First quarter Core EBIT (Earnings Before Interest and Taxes) was US$13 million, compared to a Core EBIT loss of US$74 million in the same period last year. “In spite of year-over-year volume growth…
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…
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 Signs Contracts for Containerships
NOL Group confirmed it has signed contracts with Korea's Daewoo Shipbuilding & Marine Engineering Co. and Hyundai Samho Heavy Industries Co., Ltd to build 12 new container vessels, including ten of its largest vessels. The confirmation follows the Group’s announcement on June 15 that it had signed letters of intent with both shipyards for its $1.54 billion newbuild program. * Upgrade of ten 8,400-TEU vessels to 9,200-TEU vessels with Daewoo Shipbuilding & Marine Engineering Co.
NOL Group reports $67m loss in 1H 2011
Global container shipping and logistics group Neptune Orient Lines (NOL) reported a net loss of $67 million for the first half of 2011 compared to a $1 million net profit in the same period a year ago. The Group said it lost $57 million in the second quarter of 2011. NOL reported a 9% revenue increase in the first half of 2011 to US$4.595 billion. It announced a Core EBIT (Earnings Before Interest and Taxes) loss of US$28 million. The Group said first half 2011 results were affected by higher operating costs, especially for fuel, and declining freight rates.
School Encourages to Think "Inside" the Box
Somewhere, Malcom McLean, "the father of containerization," is smiling. Yesterday the NOL Group, the Singapore-based container shipping and logistics company, celebrated with the Philippine Christian Foundation (PCF) the inauguration of the container school called “Philippine Technical College.” The campus is unique in that it is built exclusively from APL cargo containers. NOL Group donated 53 containers to PCF and subsidized the purchase of 26 more. The Group also sponsored…
New NOL Group CEO Takes Over Tomorrow
NOL Group has completed the transition to a new CEO and that Ng Yat Chung will take the helm of the global transport and logistics company October 1, 2011. Mr. Ng, an NOL Executive Director since May, will succeed Ron Widdows who retires from the company Dec. 31. “We have completed the implementation of our executive succession plan and are moving ahead under Yat Chung,” said NOL Chairman Cheng Wai Keung. Mr. Ng, a former Temasek Holdings executive and one-time Chief of Defence Force in the Singapore Army, takes control of a leading name in trade, transportation and logistics.
APL Holds Full-scale Anti-terror Exercise
APL and law enforcement officials including the FBI successfully tested anti-terrorism capabilities at the shipping line’s Seattle, Washington marine terminal. It was the seventh full-scale security exercise conducted by the global container carrier in the past six years. The day-long drill involved 200 people with representatives from the U.S. Coast Guard, Customs and Border Protection, port police and fire department. All helped evaluate APL’s collaboration with the public sector in combating threats to the supply chain. APL invited competing terminal operators as observers.
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.
Diana Acquires Two Containerships
Diana Containerships Inc. (Nasdaq:DCIX), signed two Memoranda of Agreement with APL (Bermuda) Ltd. for the purchase of two Panamax container vessels, the m/v "APL Sardonyx" and the m/v "APL Spinel". The m/v "APL Sardonyx" is a 1995-built vessel of approximately 4,750 TEU capacity and the m/v "APL Spinel" is a 1996-built vessel of approximately 4,750 TEU capacity. The purchase price for each vessel is $30 million. The expected dates of delivery from their previous owners to the Company for both vessels are within the first quarter of 2012.
Air Cavity System for Existing Vessels
DK Group announced the launch of the Air Cavity System (ACS) Retrofit for existing vessels. The new technology - a development of the original ACS that was specifically designed for new vessels - can be retrofitted at standard drydock or in most ship and repair yards in just 14 days. ACS Retrofit, which seatrials have shown can reduce fuel consumption by up to 15% depending on vessel type, has an average fuel cost payback of under two years at current bunker fuel prices, with some ship classes achieving substantially better payback periods.
Seroka Named New APL President, Americas
APL, a container shipping line, named Gene Seroka its new President in the Americas. Seroka, a 21-year-veteran of the company, replaces John Bowe who is leaving in June. Until recently the Regional Vice President for the Middle East, Seroka will relocate to the company’s regional headquarters in Phoenix, Arizona. He’ll be responsible for all of the shipping, intermodal transportation and terminal activities of APL, the world’s fourth-largest carrier. APL is the principal business of container transportation and logistics company NOL Group.