No difference between Malaysia and Singapore - If you are the right race - you can not do anything wrong even you messed it up

With regards to NOL (once Singapore's national shipping line, wholly owned by Singapore), the prophetic observations of the late great Dr. Goh bears it out.

On the back of his scholastic academic, Lieutenant General and Chief of Armed Forces, Ng Yat Chung, was appointed executive of Temasek Holdings after leaving the military.

He became the CEO and Group President of NOL in 2011 and singlehandedly brought NOL to its knees.

Under the stewardship of General Ng, NOL saw losses rising to US$460 million, while its debts grew more than US$4 billion.

Ng Yat ChungChief Executive of Neptune Orient LinesNg Yat Chung is a Singaporean business executive and former army general. He was the fifth Chief of Defence Force of the Singapore Armed Forces from 2003–2007 and held the rank of Lieutenant-General. WikipediaBorn: SingaporeEducation: University of CambridgeService/branch: Singapore Armed ForcesCommands held: Singapore Army

French maritime logistics, CMA CGM acquired NOL in mid 2016, last year and managed to turn the company around in slightly under a year.

The Business Times on Friday, 19th May 2017, reported...."Container shipping line CMA CGM posted higher first-quarter profits, helped by a turnaround at recently acquired NOL, and gave an upbeat assessment for the current quarter. The French-based group reported a first-quarter net profit, including Singapore-based NOL which it consolidated in June last year, of US$86 million compared with a US$100 million loss in the same period of 2016."

While General Ng messed up NOL in 5 years, CMA CGM managed to put it back in order, in under a year.

Never mind about his abject failure in NOL, today General Ng Yat Chung is the Chairman of the Board of Trustees for the Singapore Institute of Technology and a Trustee of the National University of Singapore. He is also a member of the board of Singapore Power and an independent director to the board of Singapore Press Holdings.

God save Singapore.

Shipping firm CMA CGM upbeat as profits rise again

Friday, May 19, 2017 - 22:44

 Container shipping line CMA CGM posted higher first-quarter profits, helped by a turnaround at recently acquired NOL, and gave an upbeat assessment for the current quarter in another sign that the shipping industry is emerging from a slump. PHOTO: AFP

[PARIS] Container shipping line CMA CGM posted higher first-quarter profits, helped by a turnaround at recently acquired NOL, and gave an upbeat assessment for the current quarter in another sign that the shipping industry is emerging from a slump.

The French-based group reported on Friday a first-quarter net profit, including Singapore-based NOL which it consolidated in June last year, of US$86 million compared with a US$100 million loss in the same period of 2016.

This was also above the US$45 million net profit it recorded in the previous quarter when the privately held firm returned to profit after heavy losses earlier in 2016 during a severe downturn in container shipping.

Vessel overcapacity and tepid economic growth have eroded freight rates in recent years, contributing to the collapse of South Korea's Hanjin Shipping in 2016 and triggering consolidation moves, including CMA CGM's US$2.4 billion takeover of NOL.

Market leader Maersk Line and German rival Hapag-Lloyd reported first-quarter losses last week but each pointed to improving demand that was expected to boost earnings in the rest of the year.

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CMA CGM, the world's third-largest container line, said in its results statement that it was confident operating profits would rise further in the current quarter, citing healthy volumes and a "continued improvement in freight rates".

The family-owned group's core earnings before interest and tax (EBIT) reached US$252 million, up from US$3 million a year earlier and US$193 million in the previous quarter. The group EBIT margin rose to 5.5 per cent from 4.2 per cent in the prior quarter.
A net profit of US$26 million for the former NOL business represented a first quarterly net profit for NOL since 2011, CMA CGM said.

Group sales rose 35.9 per cent from the year-earlier period to US$4.62 billion. Volumes increased by 34.2 per cent overall, but excluding NOL fell by 2.2 per cent, reflecting a focus on profitable growth, CMA CGM said.

Unit costs fell again, despite higher fuel prices, the company said, without giving figures.
CMA CGM is aiming to reduce its overall costs by US$1 billion in an 18-month plan that runs to the end of 2017, and has also pledged significant synergies from the integration of NOL.
REUTERS