 | |
| Type | Subsidiary |
|---|---|
| Industry | Transport |
| Founded | Singapore (30 December 1968) |
| Founder | Muhammad Jalaluddin Sayeed |
| Headquarters | The Metropolis, 9 North Buona Vista Drive, Singapore , Singapore |
Area served | Worldwide |
Key people |
|
| Services | Shipping services |
| Revenue |  S$ 8,831.193 million (2013)[2] |
 S$ 583.939 million (2013)[2] | |
| S$ -71.968 million (2013)[2] | |
| Total assets | S$ 9,029.035 million (2013)[2] |
| Total equity | S$ 2,130.811 million (2013)[2] |
| Owner | CMA CGM |
| Subsidiaries | APL |
| Website | nol |
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Neptune Orient Lines Limited (NOL) was a Singaporean container shipping company with about 6,000 staff across over 80 countries. The company is now a wholly owned subsidiary of the CMA CGM Group.[3]
History
In December 1968, Neptune Orient Lines was started as Singapore's national shipping line. Wholly owned by the Singapore Government, it was formed in an effort to develop and support Singapore's economy.[3]
Containerization
In the 1970s, containerization was introduced. In the mid-1970s, NOL's managing director was Goh Chok Tong, who went on to become Singapore's second Prime Minister.[4]
In 1975, NOL then entered the Asia-Europe trade as part of the ACE consortium with partners OOCL, K Line, COSCO and Franco-Belgian Services, known as the "third force" in the container-shipping world.[5] Meanwhile, it entered the key Trans-Pacific Trade with a standalone service.
Merger with APL
In 1997, NOL made a US$825 million acquisition of American President Lines (APL), whose heritage dates back to 1848.[5] Following the merger, the APL name was adopted as the public brand name. The NOL name was retained for the holding company, which was listed on the Singapore stock exchange and was well known to its investors. The company focused on managing global supply chains in 2001 when APL Logistics was established as a separate business unit.
In 1998, during the Asian economic crisis, NOL saw losses mount to US$460 million, while its debt was more the US$4 billion. The company sold off assets to clear the debt and by 1999 was profitable again.[5]
In 2003, NOL completed the divestment of its tankering businesses AET and NAS, to concentrate on the company's core container shipping and logistics services.[4]
On 17 February 2015, APL Logistics was sold to Kintetsu World Express, Inc. for US$1.2 billion.[6]
Sale of NOL to France's CMA CGM
On 9 June 2016, it was announced that Temasek will tender its NOL shares to CMA. CMA CGM launched an all-cash voluntary conditional general offer for outstanding NOL shares at SG$1.30 a piece. The deal is worth SG$3.38 billion and eventually will be delisted from the Singapore Exchange.[7]
The company announced in May 2016 reported net losses of US$105.1 million (SG$142 million) for the first quarter ended 31 March, higher than the US$10.8 million a year earlier. Former CEO Ng Yat Chung acknowledged that the company had been "a bit slow and reluctant to change".[7]
On 28 June 2016, CMA CGM said it will proceed to delist NOL, after it crossed the 90 per cent ownership threshold in the company and NOL was subsequently delisted on 5 September 2016.[8][9]
References
- ^ "NOL appoints new CEO, CFO amid takeover by France's CMA CGM". Channel News Asia. Retrieved 19 June 2016.
- ^ a b c d e "Unaudited Financial Information For the Year Ended 27 December 2013" (PDF). Neptune Orient Lines Limited. 27 February 2014. Retrieved 27 March 2014.
- ^ a b "Neptune Orient Lines Limited History". Funding Universe. Archived from the original on 20 October 2012. Retrieved 3 August 2012.
- ^ a b "Neptune Orient Lines". SingaporeInfopedia. Archived from the original on 9 May 2012. Retrieved 3 August 2012.
- ^ a b c Hunt, Alison, "5 Things You Should Know About Neptune Orient Lines", Motley Fool, 11 November 2013
- ^ "NOL sells APL Logistics to Kintetsu for $1.2 billion" (log in), JOC.com.
- ^ a b hermes (8 June 2016). "NOL did not adapt fast enough, says CEO". The Straits Times. Retrieved 10 June 2016.
- ^ "NOL to be delisted after France's CMA CGM crosses 90% ownership threshold". Channel News Asia. 28 June 2016. Retrieved 2 July 2016.
- ^ "NOL to be delisted from SGX on Tuesday". Channel News Asia. 5 September 2016. Retrieved 19 September 2016.