Selling NOL to the
French Swiss shipping group Mediterranean Shipping
The gorilla in shipping had a bad time. Remember it had been making money while a scholar, and ex-Temasek MD and SAF general ran NOL aground.
Maersk Line slipped to a loss of US$376m from a profit of US$1.3bn a year earlier due to record low freight rates. It expected improve its result by US$1bn while global container trade should increase by 2-4%. This is well below the double-digit increases before the financial crisis.