【NOL N03 交流专区】海皇轮船 NEPTUNE ORIENT LINES LIMITED

blue_angel_007

已经连亏7个季度，这次可以起死回生了，几个月前才被STI成分股指数踢出来，算是蓝筹股，看好可以回到S$2.00,但要等到Q2
13的季度显现连续两个quarter取得盈利。

mac.tay

BDI反弹才有机会
@blue_angel_007

icy97

Neptune Orient loss widens as weak Europe damps cargo trade
http://www.theedgesingapore.com/the-daily-edge/business/42870-neptune-orient-loss-widens-as-weak-europe-damps-cargo-trade.html

Fri, 22 Feb 18:51  
Neptune Orient Lines, Southeast Asia’s biggest container-shipping company, reported a loss bigger than analysts had estimated as an economic slowdown in Europe damped trade.

Net loss in the three months ended Dec. 28 was US$98 million ($1.21 billion), compared with the average US$12.6 million loss forecast of five analysts’ estimates compiled by Bloomberg. A year earlier, the company had a US$320.4 million loss, according to a statement the shipping liner sent to the Singapore stock exchange today.

Neptune Orient, shedding assets, selling older vessels and returning chartered ships, moved 802,000 forty-foot equivalent cargo boxes in the quarter, 3% lower than a year earlier, because of trade between Asia and Europe. The carrier expects a “better performance” this year, joining A.P. Moeller-Maersk A/S, owner of the world’s biggest container-shipping line, in forecasting an optimistic outlook this year.

“The container shipping industry continues to face severe oversupply,” Singapore-based Neptune Orient said in the statement. “The company will start 2013 with a better cost base as a result of a modern fleet. Barring unforeseen circumstances, the company expects a better performance than in 2012.”

Neptune Orient said it achieved its target to cut costs by US$500 million last year, according to the statement.

EURO ECONOMY
The euro-area economy will shrink for a second year in 2013, driving unemployment higher as governments, consumers and companies curb spending, the European Commission said today. The 17-nation euro zone’s gross domestic product will fall 0.3% this year, compared with a November prediction of 0.1% growth, the Brussels-based commission forecast.

Neptune Orient, whose business include container shipping, terminals and logistics operations, gained 0.4% to close at $1.225 before the earnings announcement. The stock has advanced 7% this year, compared with a 3.8% increase in the benchmark Straits Times Index.

The company is selling its headquarters to fund “strategic investments,” it said in October, without elaborating. The ship operator is also adding larger and more fuel efficient ships to compete amid rising competition.

Maersk Line, which reported earnings today, also reduced its fleet and slowed vessel speeds last year to curb overcapacity as falling worldwide consumer demand stints cargo volume and hurts freight charges. Maersk Line said profit this year will be higher than the US$461 million reached in 2012 as the company cuts costs and container demand-growth accelerates.

APL
APL, Neptune Orient’s container-shipping arm, earned an average revenue per box of US$2,419, a 3% increase. The unit filled 92% of capacity in the three-month period, unchanged from a year earlier.

Spot rates to haul a 20-foot container to Europe from Asia rose 5.2% to US$1,218 in the fourth quarter, according to the Shanghai Shipping Exchange. Those to the U.S. west coast dropped 19% to US$1,112. Lines need at least $1,200 to make money, according to shipbroker ICAP.

The price of 380 Centistoke marine bunker fuel, used by ships, averaged US$618.37 per metric ton in the fourth quarter, 8.7% lower than a year ago in Singapore trading, according to data compiled by Bloomberg. It dropped 0.5% to US$647 yesterday.

APL operated 129 vessels with a combined capacity of 587,000 20-foot boxes as of Dec. 28, Neptune Orient said. It has received 10 ships last year, another 15 in 2013 and nine in 2014.

icy97

海皇轮船陷入赤字，今天低开
http://www.sharesinv.com/zh/articles/37505/

2013年02月25日
环球货柜箱船运和物流公司海皇轮船(Neptune Orient Lines)今天以1.21元低开，比上周五的1.225元闭市价低了0.015元或1.2%。这是由于公司在第4季度陷入赤字，但在积极节约成本5亿美元后，亏损从3亿2,040万美元大幅度收窄至9,810万美元。与此同时，收入从24亿美元增加4%至25亿美元，因为船运及物流部门均取得增长。全年收入增加3.3%至95亿美元，亏损从4亿7,820万美元减少至4亿2,940万美元，亏损主要源于第1季度所蒙的2亿5,500万美元净亏损(不包括单次项目)及1亿零800万美元单次开支。

启示：公司将继续提高成本效率，并将努力改善收入来源及拓展物流业务。

icy97

NOL swings back to black with Q1 net profit of US$76mil
http://www.theedgesingapore.com/the-daily-edge/business/43889-nol-swings-back-to-black-with-q1-net-profit-of-us76mil.html

Tue, 14 May 21:50
NOL Group today reported first quarter 2013 core EBIT (Earnings Before Interest, Taxes and Non-Recurring Items) loss of US$85 million ($105 million), a 64% improvement or US$148 million, in the key profitability measure from a year ago.

NOL attributed the improvement to a continuing focus on operational efficiency and cost mitigation. It was the fourth consecutive quarter of year-on-year improvement posted by the Group on a Core EBIT level.

Including a non-recurring gain of US$200 million from the completed sale of the NOL headquarter building in Singapore, the group posted a first quarter 2013 net profit of US$76 million.

“Our cost base has improved as we continue to build a more competitive NOL. We have improved operational performance considerably from one year ago, so we know we are on the right track,” says NOL Group CEO Ng Yat Chung. “But there is still more work to be done, especially when macro-economic conditions remain challenging, and the container shipping sector continues to face an oversupply situation.”

APL, NOL’s container shipping business, reported first quarter 2013 revenue of US$1.97 billion. Overall market demand continued to be frail, exacerbated by seasonal weakness and persistent overcapacity in the container shipping industry. Despite the prevailing challenges, APL registered an improved performance, with its Core EBIT loss at US$101 million, compared to a US$246 million deficit the same quarter last year.

Transpacific trade remained APL’s main driver this quarter, with a 4% year-on-year growth in volume backed by improving backhaul volumes. Intra-Asia trade stayed robust, while rate gains in the Asia-Europe trade were shortened by weak demand. APL’s headhaul and backhaul utilisation were above 90% across major trade lanes.

“The delivery of our new and more fuel-efficient vessels has helped us reduce our vessel slot costs,” says APL President Kenneth Glenn. “We continue to reap benefits from fuel, operational and other cost efficiencies. Profit prioritisation remains our target, as we keep our focus on optimising yield and adopting stricter capacity management as necessary.”

NOL’s supply chain management business, APL Logistics, continued its steady revenue and earnings growth. It reported first quarter 2013 revenue of US$427 million, up 8% from a year ago. Its Core EBIT improved 27% year-on-year to US$16 million. The strong performance put in by APL Logistics was boosted by business wins in its automotive, consumer and retail segments. With an expanding customer base, APL Logistics experienced broad-based growth in all business regions, bolstered by a 21% increase in the fast-growing Asia/Middle East sector.

“We are on track in our pursuit of profitable revenue growth in the attractive logistics space,” says APL Logistics President Jim McAdam. “The recent acquisitions in Asia and North America are integrating well into our service offerings and we continue to explore opportunities for further growth.”

NOL says the group’s cost base will continue to improve as it takes delivery of newer and more efficient ships while extracting further operational efficiencies. However, the container shipping industry remains saddled with overcapacity. The group will continue its focus on cost efficiency, yield and capacity management. Barring unforeseen circumstances and if freight rates do not deteriorate, the group says it remains on track to deliver a better performance than in 2012.

icy97

海皇轮船在出售新加坡总部大楼后，第一季转盈
http://www.sharesinv.com/zh/articles/38830/

文： 道琼斯通讯社 （译：麦美莹） 2013年05月15日 道琼斯通讯社

海皇轮船(Neptune Orient Lines)在5月14日宣布，今年第一季度转亏为盈，因为公司在出售其新加坡总部大楼后获得一次过收益。

可是，这家货柜船运公司对前景表示审慎。

公司提交给新加坡交易所的文告表示，截至3月31日的季度里，公司报净利为7,550万美元，去年同期报亏损2亿5,360万美元。

收入保持平稳，为23亿7,000万美元，去年同期为23亿8,000万美元。

公司在出售位于新加坡的总部大楼后，录得2亿美元的一次过收益。公司期望今个年度的表现会随着成本减低而获得改善。

集团总裁伍逸松说：”我们在不断增强集团竞争力的同时，成本架构也获得改善。我们的营运表现比一年前大大提高。但我们还有很多地方需要改善，尤其是当宏观经济条件依然充满挑战，而货柜船运业仍继续面对供过于求的情况。”

公司的文告表示，货柜船运业是公司主要的业务，它的第一季收入报19亿7,000万美元。这个部门的亏损数字收窄，税息前的核心亏损为1亿零100万美元，去年同期的亏损为2亿4,600万美元。


Neptune Orient to add fuel-efficient ships as rates slump:Update
http://www.theedgesingapore.com/the-daily-edge/business/43912-neptune-orient-to-add-fuel-efficient-ships-as-rates-slumpupdate.html

Wed, 15 May 19:25   
Neptune Orient Lines, Southeast Asia’s biggest container-shipping company, said it will add more fuel-efficient ships this year to pare costs as a vessel glut continues to damp freight rates.

The shipping line will take delivery of 14 vessels this year, Neptune Orient said in a statement yesterday. It added 10 ships last year and sold some of the older ones.

Neptune Orient has said cost cuts and new ships will help improve performance in 2013 after posting three annual losses in four years. The carrier has also sold its Singapore headquarters as shipping lines struggle with overcapacity and a slump in demand caused by Europe’s economic downturn.

“The economic recovery in Europe is still very slow,” said Lawrence Li, an analyst at UOB-Kay Hian Holdings Ltd. in Shanghai. “Asia-Europe rates have fallen and you’re in a better position if you have a bigger exposure on trans-Pacific like Neptune Orient.”

The company yesterday reported net income of US$75.5 million ($93.7 million) in the three months ended April 5, compared with a net loss of US$254 million a year earlier. Sales slipped 0.4% to US$2.37 billion.

Neptune Orient, whose businesses include container shipping, terminals and logistics operations, said it had a gain of US$200 million from the sale of the headquarters building.

Its container-shipping unit operated 125 vessels with a combined capacity of 605,000 20-foot boxes at the end of the quarter. Total capacity dropped 1.6% from a year earlier, said the company, which will add 10 ships in 2014.

EFFICIENT VESSELS
“The group’s cost base will continue to improve as it takes delivery of newer and more efficient ships,” Neptune Orient said. “However, the container shipping industry remains saddled with overcapacity.”

Shares of Neptune Orient gained 0.9% to $1.10 at close of Singapore trading. The stock has dropped 3.9% this year, compared with an 8.7% gain for the Straits Times Index.

APL, Neptune Orient’s container-shipping arm, earned an average revenue per box of US$2,376, a 1.8% decline. It moved 772,000 forty-foot-equivalent cargo boxes in the quarter, 2.4% fewer than a year earlier. The shipping unit filled 91% of capacity in the three-month period.

Cargo hauled on the trans-Pacific route, the world’s second-busiest, increased 4% to 224,000 boxes in the first quarter, while those on the Asia-Europe trade dropped 17% to 109,000.


‘LESS EXPOSED’
“NOL is less exposed to the Asia-Europe trade where overcapacity risks are much higher,” Corrine Png, head of regional transportation research at JPMorgan Chase & Co., wrote in a note yesterday.

APL’s loss before interest and taxes narrowed to US$101 million in the quarter, from US$246 million a year earlier.

Spot rates to haul a 20-foot container to Europe from Asia dropped 6.4% to US$1,140 in the first quarter, according to the Shanghai Shipping Exchange. The levy dropped 8.2% last week to $731. Rates to the U.S. West Coast rose 1.8% to US$1,132. Lines need at least US$1,200 to make money, according to ship broker ICAP.

The price of 380 Centistoke marine bunker fuel, used by ships, averaged US$633.76 a metric ton in the first quarter, 14% lower than a year ago in Singapore trading, according to data compiled by Bloomberg. It dropped 0.7% to $596 today.

“We have improved operational performance considerably from one year ago, so we know we are on the right track,” Chief Executive Officer Ng Yat Chung said in the statement. “But there is still more work to be done.”

icy97

OCBC downgrades Neptune Orient Lines to Hold
http://www.theedgesingapore.com/the-daily-edge/business/44429-ocbc-downgrades-neptune-orient-lines-to-hold.html

Tue, 25 Jun 10:24
OCBC downgrades Neptune Orient Lines (N03.SG) to Hold from Buy as "freight rate weakness can't be ignored."

The house notes that average freight rates have fallen by over 13% on quarter in 2Q13.

While the low-fuel cost environment and ongoing cost-saving initiatives are expected to benefit NOL, the house lowers its forecasts "in light of weaker freight rates and anticipation of a slightly disappointing peak season."

It cuts its target price to $1.17 from $1.38.

icy97

Name of Announcer *	NEPTUNE ORIENT LINES LIMITED
Company Registration No.	196800632D
Announcement submitted on behalf of	NEPTUNE ORIENT LINES LIMITED
Announcement is submitted with respect to *	NEPTUNE ORIENT LINES LIMITED
Announcement is submitted by *	Looi Lee Hwa (Ms) & Wong Kim Wah (Ms)
Designation *	Company Secretaries
Date & Time of Broadcast	07-Aug-2013 17:17:14
Announcement No.	00077

>> ANNOUNCEMENT DETAILS

The details of the announcement start here ...

For the Financial Period Ended *	28-06-2013
Description	Attached are the Company's announcement, press release and corporate presentation materials relating to the NOL Group Unaudited Quarterly Information for the 2nd Quarter ended 28 June 2013.

Attachments

NOL_Q2_2013_Results_Financial.pdf NOL_Q2_2013_Results_Press_Release.pdf NOL_Q2_2013_Results_Presentation.pdf

icy97

海皇轮船的3Q13盈利疲弱
2013年10月31日
http://www.sharesinv.com/zh/articles/42397/

海皇轮船(Neptune Orient Lines)报截至2013年9月20日的3Q13盈利从去年同期的5,000万美元下跌60%至2,000万美元。收入也从23亿美元下跌10.4%至21亿美元。3Q13的每股盈利从0.0194美元下降至0.0077美元。盈利下跌主要是由于行业内供过于求令运输费大跌。货柜箱子公司美国总统轮船(American President Lines)所经手的货柜箱总数年比减少5%。此外，四十英尺标准箱的平均收入下降9%至2,372美元。尽管总体表现疲弱，物流业务的收入增加了1.6%至3亿7,100万美元。

启示：由于3Q13的市场充满困难，公司无法在其旺季把盈利提高。公司不预期运输费及供过于求的问题会在短期内改善。因此，它正采取行动来重组载货量和服务网络，以应对目前需求减少的挑战。

icy97

每日头条 | 2014年05月15日
http://www.sharesinv.com/zh/articles/46876/

海皇轮船(Neptune Orient Lines)的1Q14收入下跌3.9%至23亿美元，由于货柜箱运输容量供应过剩及运费回落。毛利因而下跌5%至1亿零960万元。公司录得9,790万美元净亏损，主要是因上一年同期录得脱售物业而一次过取得的收益。上一年同期取得7,550万美元净利。


NOL 1Q net loss narrows on quarter
Source: Reuters   |   Publish date: Wed, 14 May 18:45  
http://www.theedgesingapore.com/the-daily-edge/business/48342-nol-1q-net-loss-narrows-on-quarter.html

Container shipper Neptune Orient Lines posted a net loss of US$97.9 million ($122.3 million) for the quarter ended April 4, a narrower loss from the previous quarter.

NOL, in which Singapore’s state investor Temasek Holdings has a 67% stake, recorded a net profit of US$75.5 million for the first quarter of 2013, which was a result of one-off gain on selling its corporate headquarter in Singapore.

The company posted a 4% drop in revenue to US$2.3 billion.

“Oversupply of shipping capacity will continue to exert pressure on liner freight rates,” NOL said in a statement. “The group aims to improve its financial performance in 2014, through its continued focus on cost discipline and drive for operational efficiency.”

icy97

海皇轮船第一季度的亏损是意料之中
Tradeable | 2014年05月19日
文 : 林思杰（译：麦美莹）
http://www.sharesinv.com/zh/articles/46975/

1. 海皇轮船在近几年持续亏损，第一季的表现也不例外。
2. 尽管公司是第七大船运公司(以集装箱容量计算)，但它在业内所占的市场份额并不在领导地位之列。
3. 由于平滑异同移动平均数(MACD)处于负数及相对强弱指标(RSI)与资金流量指标(MFI)的上升趋势中断，这都意味着公司的股价近期将会下跌。

NOL第一季业绩
海皇轮船(Neptune Orient Lines，NOL)在第一季蒙9,800万元净亏损，因为它持续受到环球集装箱船运产能过剩的影响。 集装箱船运公司持续受到环球经济所带来的疲弱货运需求拖累。

市场预期产能过剩的情况将会再持续一段时间，集装箱船运公司或许需要再等待一些日子才可以见到曙光。船运收费将会迅速回升的迹象并不多。

1Q14收入年比下跌了4%至22亿8,000万元。第一季的亏损逆转了2013年同期取得的7,600万元盈利。可是，1Q13的盈利是来自2亿元的一次过收益(从脱售其在新加坡总部而来)，而公司从今个月起已迁往租赁办公楼。

NOL在管理开支及改善营运效益方面加倍努力，在今年首3个月已节省了8,000万元成本开支。

NOL接下来面对的困境
NOL更难处理的问题是集团的规模。公司旗下的美国总统轮船(APL)以集装箱容量计算是全球第七大集装箱船运公司，但它所占的环球市场份额只有3.4%。

相比之下，马士基(Maersk)及地中海航运(MSC)则分别占了14.9%及13.5%市场份额。



从NOL的盈利比率便可知道公司面对的困境。NOL的三个毛利率均出现负数，而五年平均也不例外。

虽然公司在第一季取得22亿8,000万元收入，但由于毛利率出现负数，这意味着无论公司取得多少收入，它依然蒙亏。

管理效益?
令投资者困惑的是，尽管知道公司面对经济下滑所带来的冲击，但NOL经过五年时间才积极减少开支。公司的管理层在业内拥有丰富的经验，它可以做得更好吗？



鉴于公司的管理效益比率全部都是负数，反映了NOL的管理并不怎样，但管理效益也不可单以数字来衡量。

除了数字外，作为投资者，我们希望管理层能给予信心。可是，直到现在，投资者仍然没有获得NOL任何信心的保证。

MACD处于负数；RSI及MFI停止走高

NOL的技术分析图表

MACD处于正数有一段日子，可是，当它在2014年3月升至巅峰后，便一直走低并步入负数区。

此外，RSI及MFI的上升趋势线也中断，这两个指标也暗示其价位近期将会回落。

还有，这只股已跌破了在1元的强力支持位。

宏观展望及短期走势均看跌
作为长线投资者，尽管环球经济渐渐复苏，但我并不看好NOL的表现。至于短期而言，技术图表显示我最好是卖空这只股。

suntecinvestor

昨天一早买了NOL，希望能够大涨，但是到了闭市之上了一点，加上碰到了我看见的阻力，就在闭市merging time的时候卖了。扣除brokerage fee etc， 只赚S$80+

skyship

suntecinvestor 发表于 21-1-2015 07:56 AM
昨天一早买了NOL，希望能够大涨，但是到了闭市之上了一点，加上碰到了我看见的阻力，就在闭市merging time ...

有80，好过亏80，什么股都可以给你瞄到咯

blue_angel_007

收了好几年，还是不上不下，1.00-1.15之间，有点想放了。。。

aero73

blue_angel_007 发表于 10-2-2015 02:20 AM
收了好几年，还是不上不下，1.00-1.15之间，有点想放了。。。

有赚就放咯。。。

liuewlst

这个股票还可以收吗？

aero73

liuewlst 发表于 24-2-2015 01:39 PM
这个股票还可以收吗？

作工课如你要收。
它从事什么，前景？
近年的财务。这都要考虑的。
如是投机呢，不用考虑，看它的走势。
低买高卖。个人意见。

icy97

淡馬錫要賣東方海皇集團
2015-07-18 15:05      
http://biz.sinchew.com.my/node/119272?tid=7

（新加坡18日訊）知情人士透露，新加坡主權財富基金淡馬錫控股（Temasek Holdings）準備以17億美元，出售新加坡上市公司東方海皇集團（NOL）。

負債累累的NOL不斷虧損，對持有65%股權的淡馬錫成為一大包袱。淡馬錫近幾個月不斷尋找潛在買家。知情人士指出，淡馬錫曾跟一方買家洽談，但彼此售價談不攏。

NOL之前積極跟德國的赫伯羅特和香港的東方海外（國際）公司討論合併事宜。目前航運業因全球航運費用下滑而承受不少壓力。

目前仍不曉得NOL的潛在合併伙伴是否有興趣收購NOL。

NOL拒絕評論相關報道。淡馬錫表示不對市場揣測做評論。（星洲日報／財經）

icy97

每股出价1.30新元 达飞海运34亿全购海皇
财经 天下  2015-12-08 12:11
http://www.nanyang.com/node/737996?tid=462

（新加坡7日讯）法国达飞海运集团公司（CMA CGM）将以每股1.30新元（约3.9令吉）现金，全面收购新加坡海皇集团（NOL）。

达飞海运集团公司是全球第三大的集装箱运输业者。收购价总计大约是34亿新元（约102亿令吉），每股献购价也等于NOL上周五闭市价的6%溢价。

这是全球航运业近年来最大的收购之一。

航运史上仅次于2005年马士基对荷兰著名航运企业铁行渣华（P & O Nedlloyd）29亿美元（124.7亿令吉）的收购。

同时，这项收购活动也将是新加坡自2013年以来规模最大的收购案。

不过，海皇轮船披露的信息显示，这项收购还须欧美当局批准。

法国达飞海运集团是全球第三大航运公司，拥有22000名员工、170条航线和470艘集装箱船。

《华尔街日报》援引知情人士称，达飞海运集团上月开始与新加坡东方海皇集团的最大股东———淡马锡，就收购事宜进行独家谈判，淡马锡对东方海皇集团控股67%，谈判阶段要求达飞提供“不撤销收购承诺书”。

连续4年亏损

由于全球船运市场陷入下滑周期，海皇集团船运业务持续挣扎，已连续4年面对亏损。

今年初，海皇集团以12亿美元（约50.4亿令吉）脱售旗下的物流业务，给日本公司Kintetsu World Express。

法国达飞海运集团在经营初期，主要承接黑海地区业务，进入90年代后期，达飞集团不仅开通了地中海至北欧、红海、东南亚、东亚的直达航线，还分别于1996年、1999年成功收购了法国最大的国营船公司———法国国家航运公司（CGM）和澳洲国家航运公司（ANL），正式更名为“CMA CGM”。

icy97

大股东淡马锡同意
达飞轮船买海皇转无条件
2016年6月12日
http://www.enanyang.my/news/20160612/大股东淡马锡同意br-达飞轮船买海皇转无条件/

（新加坡11日讯）淡马锡控股已经接受法国达飞轮船（CMA CGM）对海皇轮船（Neptune Orient Lines）的收购献议，让有关收购正式成为无条件收购献议，海皇轮船将在收购完成后被除牌。

海皇轮船昨日宣布，集团大股东淡马锡控股和相关公司，已接受达飞轮船的收购献价。

目前，达飞轮船已持有海皇轮船78.07%的股权，这包括从市场收购所得的10.79%股权，以及从接受收购献议股东手中筹得的67.29%股权。

集团说，达飞轮船并不打算继续让集团上市，也就是说只要完成了交易，该股便会从新加坡交易所除牌。

达飞轮船的收购献议价格为每股1.30新元（3.9令吉），该股价格昨天也是收报1.30元，没有起落。

这项收购献议截止日期，延迟至7月18日下午5时30分。

淡马锡投资组合管理部总裁陈崇礼说：“我们支持这项交易，因为这为海皇轮船提供一个机会加入行业领先者，达飞轮船拥有广泛的全球业务以及扎实的营运记录。

他说，这两家公司的结合，将打造出领先的船运公司，为客户带来可靠且有效率的服务。”