• 2015 July 31 09:06

    NOL reports net profit of $890M in 2Q 2015

    Net profit of NOL Group for the second quarter 2015 reached US$890 million. Excluding the US$887 million gain on the sale of its supply chain management business, NOL achieved a net profit of US$3 million in the second quarter of 2015, compared to a net loss of US$54 million in 2Q 2014, the Group said in a press release.

    Singapore-based NOL said that the second quarter of 2015 saw severe freight rate erosion with rates in major trade lanes falling to some of the lowest levels seen in recent years. Despite the tough operating environment, the Group posted a second quarter 2015 Core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) of US$29 million, versus a loss of US$15 million in the same quarter last year. NOL’s Core EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortisation) in 2Q 2015 was US$119 million, up 53% from US$78 million in the same period last year.

    “The Group’s container shipping business continued to face a challenging environment characterised by over-capacity and weak market demand. Nonetheless, APL reversed a core EBIT loss in the second quarter last year to a positive position this year,” said NOL Group President and CEO Ng Yat Chung. “We remain focused on improving our cost competitiveness, yield optimization and service reliability to return the liner business to sustained profitability.”

    NOL reported US$100 million in cost savings in 2Q 2015, bringing its total cost savings for the first half of the year to US$255 million. “There is room for further cost savings with another nine vessels scheduled for expiry in the second half of this year,” added Mr Ng.

    Following the completion of the sale of APL Logistics on 29 May 2015 for a final purchase price of US$1.238 billion, and after taking into account transaction and transaction-related expenses, the NOL Group registered a gain of US$887 million. The Group saw a healthier balance sheet after repayment of debt, with the Group’s net gearing ratio reduced to 1.03x as at 26 June 2015 from 2.25x as at 26 December 2014.

    Liner strategy gaining traction

    APL, NOL’s container shipping business, recorded a 12% volume reduction in 2Q 2015 compared to the same period last year, due both to weak global demand as well as the carrier’s continued efforts to trim capacity in unprofitable trade lanes to optimise yield. Its average freight rates dipped 17% amidst pressure from over-capacity in the industry. Versus the same period last year, APL’s revenue fell 22% to US$1.3 billion in the second quarter of 2015.

    In spite of reduced revenue, APL achieved an improved 2Q 2015 Core EBIT of US$20 million, compared to a loss of US$28 million over the same period last year. This is its sixth consecutive year-on-year improvement in its quarterly Core EBIT. APL attributed its performance to stringent cost management as well as a yield-focused trade strategy that emphasises network rationalisation and better cargo selection. The carrier returned five expensive chartered ships in the second quarter. As a result, total cost of sales per forty-foot-equivalent unit (FEU) fell by 15% year-on-year. APL also kept its headhaul utilisation above 90%. These efforts mitigated the impact of lower volumes and freight rates in the quarter under review.

    APL’s schedule reliability also improved. According to the June edition of the Global Liner Performance Report published by SeaIntel Maritime Analysis, APL was the most reliable carrier in May 2015 with a global on-time performance of 85.5%, above the industry average of 78.3%


2024 March 29

15:41 Wan Hai Lines holds naming ceremony for 13,100TEU newbuilding “WAN HAI A15”
15:10 MOL announces restructuring measures
14:45 Drewry predicts impact on container calls at US East Coast ports after the collapse of the Francis Scott Key Bridge
14:25 Chevron’s first hybrid electric fueling barge arrives in Singapore
13:40 HD KSOE and Infineon sign MoU to develop ship electrification technology
13:29 NYK and JMU formulate method for evaluating ship performance in actual seas
12:59 HD Hyundai wins US$463 mln warship order in Peru
12:09 COSCO SHIPPING Ports throughput up by 4.4% YoY to 135,808,554 TEU in 2023
11:46 The "Ane Maersk" calls at the Eurogate container terminal in Hamburg for the first time on its maiden voyage from Asia to Europe
11:20 Sallaum Lines and Fujian Mawei Shipbuilding commence construction of Ocean Class vessels
10:43 Oasis Marine develops solutions for offshore hydrogen bunkering
10:03 Petrofac secures contract extension with ONEgas West in the UK market

2024 March 28

18:05 Jan De Nul, ENGIE and Equans launch a pilot project centred around the use of Vanadium Redox Flow batteries
17:35 Latvian port equipment manufacturer Bleste introduces new bulk handling ‘bucket’
17:05 Investors upgrade Navios Maritime Partners
16:25 DEME reports 22% increase in the orderbook and a record-high turnover of 3.3 billion euros in 2023
16:14 MABUX: Bunker Outlook, Week 13, 2024
15:41 AD Ports Group announced the opening of Saadiyat Marina & Ferry Terminal and Rabdan Marina
15:11 Sydney invests $11.5 million in two new operational vessels designed by Incat Crowther
14:55 China’s Jinzhao wins Peru $405m port construction contract
14:13 APM Terminals Moín handled six million TEU
13:48 ClassNK grants Innovation Endorsements for Products & Solutions to two innovative initiatives by MOL
13:37 Konecranes launches its flagship Konecranes X-series industrial crane
12:53 United European Car Carriers UECC spearheads collaboration with industry leaders to advance CNSL as a sustainable marine fuel
12:26 Ocean Network Express announces Transpacific service
11:48 Yang Ming announces 2025 Trans-Pacific service network
11:24 Fincantieri signs contract for the supply of two PPAs to Indonesia
10:42 Maersk transported more than 660,000 TEU using clean fuel in 2023
10:23 Documentation delays push industry costs to $3bn
09:48 PONANT and FARWIND Energy partner to develop green hydrogen refueling solutions

2024 March 27

18:22 Bureau Veritas awards world’s first prototype certification for SolarDuck’s floating offshore solar solution
17:58 The recently converted Allseas's shallow water pipelay barge starts preparations for its first commercial project
17:38 The Port of Rotterdam calls on the European Commission and Parliament to focus on actively promoting green energy
15:23 SEFE to become sole shareholder of WIGA
14:53 Ocean Installer secures yet another SLM contract with Equinor
14:23 Cadeler signs offshore wind turbine installation contract for the vessel Wind Scylla
13:42 Carnival Cruise Line orders 5th Excel-class cruise ship
13:11 Maersk and MSC overcharging cargo owners for EU ETS, says T&E
12:52 The Port Authority of Valencia launches the ZAL project in the Port of Valencia
12:11 Clarkson Port Services and Peak Group collaborate to deliver Port Agency services across the North Sea
11:42 Wan Hai Lines holds ship naming ceremony for new vessels
11:24 Consolidated shipping lines EBIT loss was $1.44 billion in Q4 2023: Sea-Intelligence
10:49 Seaspan Shipyards receives long-term contracts for the pre-construction work of the the Canadian Coast Guard's first six multi-mission vessels
10:14 Woodside completes sale of 10% scarborough interest

2024 March 26

18:02 COSCO Shipping Lines introduces new Americas service
17:30 Davie awarded first contract for design of icebreaker fleet under Canada’s National Shipbuilding Strategy
17:04 Sanctions complicate Arctic LNG ship sales, Hanwha Ocean says - Bloomberg
16:57 Terntank places an order for 1+1 additional wind/ methanol-ready hybrid tanker
16:28 BW LNG completes acquisition of two TFDE vessels from Stena Bulk
15:50 Hanwha Ocean develops VR-based special vehicle simulator
15:20 TotalEnergies and SINOPEC join forces to produce sustainable jet fuel at a SINOPEC's refinery
14:52 Wärtsilä Lifecycle Agreement to guarantee operational reliability of new wind farm installation vessel
14:23 Hudong-Zhonghua launches two LNG carriers
13:51 Cargo ship hits Baltimore’s Key Bridge
13:12 Final sanctioned tanker with Russian Sokol oil to reach China port - Reuters
12:42 Adani Ports acquires 95% of Odisha's Gopalpur Port from SP Group for $162 million
12:21 IHI and Yara Clean Ammonia agree to jointly assess clean ammonia business collaboration
11:41 Yara Clean Ammonia and Azane granted safety permit to build world's first low emission ammonia bunkering terminal
11:16 Wartsila and Royal Caribbean Group celebrate 15 years of collaboration on digital transformation
10:46 A global carbon tax on shipping is coming, says ABS Chairman and CEO
10:21 Eni, Fincantieri and RINA establish partnership for maritime transport decarbonization

2024 March 25

18:07 The Maritime and Port Authority of Singapore continues to investigate reports of oil spills off the port of Tuas
17:31 “K” Line, NIPPON HAKUYO and OPT Gate sign an agreement for a new fire detection system for car carriers
17:07 Greek merchant fleet recorded slight decline in January 2024
16:47 Hanwha Ocean Plans to develop green technology and naval ships
16:25 U-Ming Singapore and ITOCHU sign milestone MoU for the joint development of ammonia dual-fuel and de-carbonized vessels
15:34 Svitzer targets methanol-fuelled MAN 175DF-M engine for tug application
15:04 Wallenius Wilhelmsen signs contracts for four 9,300 CEU vessels with China Merchants Jinling Shipyard
14:40 Taiwan International Port to upgrade terminal facility at Kaohsiung
13:59 Сruise ship Carnival Freedom catches fire near Bahamas