NOL: No Deal on Sale Yet

Following media reports on the potential sale of Singapore’s container shipping company Neptune Orient Lines Limited (NOL), the carrier said that no deal was struck yet. However, the company did not rule out the option on sale completely.

Namely, as reported by World Maritime News last week, investment company Temasek Holdings Pte. Ltd, NOL’s majority stake owner, was said to be in talks with an undisclosed buyer to sell its stake in NOL.

However, sources familiar with the matter said that there had been no concrete deal yet as the involved parties could not agree on the price of the sale.

“The company has not made any decision with respect to, and has not entered into any agreement for, a potential sale of the company and there is no assurance that any agreement for the sale of the company will be entered into,” NOL said in a statement, advising shareholders and investors to exercise caution when dealing in their shares and other securities.

“The company is focused on returning its core liner business to sustainable growth and profitability. It has invested in 32 new and modern ships, continued to streamline its costs and, after the sale of APL Logistics, has a much stronger balance sheet. The company has a duty to consider its options to maximize shareholder value as part of its conduct of normal business,” NOL added.

NOL said it would will release a further announcement if and when there are any material developments.

NOL has been linked to a potential merger with German carrier Hapag-Loyd and subsequently Hong Kong’s Orient Overseas (International) Ltd, nevertheless none of them were realized.

Tamasek holds 65% stake in the company whereas the remaining 35% is traded on the Singapore Stock Exchange. NOL, which operates through the APL brand, has 92 vessels in its fleet.

World Maritime News Staff

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