Singapore: Singapore’s Neptune Orient Lines (NOL) is up for sale, according to The Wall Street Journal.
Singapore’s sovereign wealth fund, Temasek Holdings, has put the line up for sale for around $1.7bn, the newspaper claimed. Temasek has a 65% stake in the line, which is listed in Singapore.
NOL offloaded its logistics division, APL Logistics, for $1.2bn to Japan’s Kinetsu World Express in May. Last year NOL sold its headquarters building in Singapore too.
Neither NOL or Temasek have confirmed the deal.
“We have no comment,” an NOL spokesperson told Splash.
NOL’s container shipping division, APL, has been one of the poorest performers among the larger boxlines in recent years.
APL, formerly known as American President Lines, is the 12th largest containerline in the world, according to French analysts Alphaliner with 569,792 slots.
NOL is one of the most famous names in Singapore commerce. Former prime minister Goh Chok Tong headed the line in the 1970s.