Singapore's Temasek puts up shipper Neptune Orient Lines for sale -WSJ

Neptune Orient Lines (NOL) has been put up for sale by Temasek Holdings.
Neptune Orient Lines (NOL) has been put up for sale by Temasek Holdings. PHOTO: ST FILE

SINGAPORE (REUTERS) - Singapore state investment company Temasek Holdings has put up its struggling US$1.7 billion (S$2.3 billion) shipping company for sale, the Wall Street Journal reported, citing people familiar with the matter.

Neptune Orient Lines Ltd (NOL), 65 per cent-owned by Temasek, announced in February the sale of its logistics business to Japanese freight carrier Kintetsu World Express Inc for US$1.2 billion.

NOL's move to sell its logistics business had renewed market speculation of a sale of the entire company.

An NOL spokesman declined to comment, while Temasek Holdings was not immediately available after office hours.