Singapore: Singapore’s top shipping line, Neptune Orient Lines (NOL), suffered the ignominy yesterday of announcing it has come close to being placed on a watch-list by the Singapore Exchange (SGX) as it has recorded pre-tax losses for three consecutive financial years. Only NOL's market capitilisation is keeping it off the embarrassing list, according to SGX rulings.
NOL, which runs containerline APL, has recently tried to shake things up organisationally to get it out of its financial lull. The new setup, announced last month, will move APL from a geographically-organised structure to a functional one, in the areas of trade, commercial, operations, procurement and planning and strategy.
APL president president Kenneth Glenn explained last month the rationale for the new set up. “We are pushing ahead with our strategy to sharpen our competitive edge through cost efficiency and organisational agility,” he said. [26/02/14]