DREWRY's latest Container Insight Weekly cast doubt on speculation of an imminent sale of Singapore's Neptune Orient Lines (NOL) and its key unit, the APL container line, world's No 10 box carrier.
Citing a lack of suitable buyers, attractive assets, and no urgency to sell, Drewry found little to support the widespread speculation other than silly season ennui.
"There are several obstacles to a full sale of NOL: its parent company is not under pressure to sell and is unlikely to accept a low price, there are few willing buyers, and its fleet is not an attraction," Drewry declared.
"More likely, Temasek will remain as a substantial shareholder after either a direct stake sale or indirect stake sale through Lentor," said the publication from the London maritime research house.
It was widely reported last week that state-owned Temasek Holdings, which owns 65 per cent of NOL, was looking to sell off the APL box business for US$1.7 billion.
In response to press enquiries, Temasek said it "had a duty to consider its options to maximise shareholder value as part of its conduct of normal business" - which only fuelled more speculation.
WORLD SHIPPING
28 July 2015 - 19:43
Drewry pooh-poohs speculation about imminent NOL-APL sale
DREWRY's latest Container Insight Weekly cast doubt on speculation of an imminent sale of Singapore's Neptune Orient Lines (NOL) and its key unit, the APL container line, world's No 10 box carrier.
WORLD SHIPPING
28 July 2015 - 19:43
Drewry pooh-poohs speculation about imminent NOL-APL sale
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