Neptune Orient Lines (NOL), the parent of containerline, APL, delivered its full year results, likely for the last time as France’s CMA CGM looks to wrap up the sale of the Singaporean line this summer.
NOL posted a net profit of $707m. Excluding a one-time $888m gain on the sale of APL Logistics, NOL incurred a full year net loss of $181m, an improvement of 30% over 2014.
“The last quarter of 2015 was particularly difficult. Container freight rates hit historical lows across major trade lanes as new vessel capacity came on stream amid softening market demand,” said NOL group president and CEO Ng Yat Chung.
In a presentation, NOL reckoned: “Freight rates are expected to remain under pressure.”
Rodolph Saadé, vice chairman of CMA CGM, told the Wall Street Journal this week that he expects the $2.4bn deal to take over NOL to get all the necessary regulatory approvals from various countries by this summer.