World News
Singapore's NOL in U.S. Logistics Acquisition
Neptune Orient Lines Limited (NOL) today announced the acquisition of U.S. Customs brokerage and trade compliance firm Carmichael International Service (Carmichael) in a $37 million cash deal.
The firm will become a wholly owned subsidiary of APL Logistics, itself a wholly owned subsidiary of NOL, and was paid for in full from NOL's internal resources.
Carmichael's value at the point of sale was approximately $3.7 million, NOL said, with the purchase price representing 11.2 times their earnings before interest, tax, depreciation, and amortisation (EBITDA).
In October the firm completed the sale of its Singapore Headquarters building saying the cash was intended to be used "for strategic investment purposes."
Last month the the Singapore based container shipping and logistics group also posted its first quarterly profit since 2010, attributing the result to increased cost efficiencies, stable rates, and volume growth for its container line.
Key Bunker Prices More
| VLSFO | MGO | |||
|---|---|---|---|---|
| $/mt | +/- | $/mt | +/- | |
| Singapore | 504.50 | 2.50 | 620.00 | 3.00 |
| Rotterdam | 456.00 | 1.50 | 621.50 | 2.00 |
| Houston | 476.00 | 7.00 | 624.00 | 1.00 |
| Fujairah | 496.50 | 2.00 | 713.00 | 2.50 |
| Global 20 Ports Average | 526.50 | 0.50 | 712.00 | 0.50 |
| Global 4 Ports Average | 483.00 | 2.00 | 644.50 | 0.50 |
| Global Average Bunker Price | 570.50 | 1.50 | 751.00 | 1.00 |
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