Having been turned down by four suitors already in the past year, and even though currently being courted by Maersk Line and CMA CGM, it seems that Singaporean Neptune Orient Lines (NOL) is not too hot a chick once you get to know her.
That would seem to be the story, according to Alphaliner.
The French shipping consultant said “significant obstacles stood in the way of any eventual sale” and said these all related to the difficulty in reaching an agreement on NOL’s valuation.
“The Singapore-listed group continues to trade at a 24% discount to its book value,” Alphaliner added, “reflecting the market’s scepticism that a sale can be successfully finalised.”
The analysts also said NOL’s container shipping arm, APL, has been “chronically unprofitable” since 2009.
Collating the rumours of the past year, IHS Media lists Maersk Line and CMA CGM, and unconfirmed reports of Hapag-Lloyd, PIL, OOCL and UASC as having sniffed around.
