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Temasek looks to offload shipper Neptune Orient Lines for $2 billion

Temasek Holdings, the Singapore state investor’s sale of shipper Neptune Orient Lines is offering potential buyers a modern fleet at a bargain price of around $2 billion. The asset which has lost more than $1 billion in four years is on the block at a time when the global container shipping industry is battling the grip of a severe prolonged downturn, with a debt that has nearly doubled to $86 billion over the past decade. But industry sources say that Neptune’s new ships and 2.8 percent slice of global container shipping business is expected to lure buyers, who are seeking an edge over rivals in the business. Market sources are indicating that Qatar-controlled United Arab Shipping Company is expected to join the likes of Germany’s Hapag Lloyd AG and Hamburg Sud in running Neptune’s business.

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US,NEPTUNE,Temasek Holdings,Neptune Orient Lines,United Arab Shipping Company,Hapag Lloyd AG,Hamburg Sud