AsiaContainers

NOL delivers disappointing valedictory full year results

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.

 

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Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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