NOL reportedly up for sale

NOL reportedly up for sale

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.

 

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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1 Comment

  1. NOL reportedly up for sale - Heng lee Enterprise Corporation
    July 18, 2015 at 10:27 am

    […] Neither NOL or Temasek have confirmed the deal. “We have no comment,” an NOL spokesperson told Splash. […]