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Friday, 25 February 2011

NOL rises after CEO orders more vessels

SINGAPORE - Shares of Singapore's container shipping firm Neptune Orient Lines (NOL), rose as much as 2.5 per cent on Friday after saying it plans to order more vessels, a local trader said.

At 0113 GMT, shares of NOL, the world's seventh largest container shipping firm, were traded at S$2.02 with 849,000 shares changing hands, while the broader Singapore market was up by only 0.3 per cent.

NOL said in an interview on Thursday it will order more vessels to address an expected shortage in the global freight market within a few years.

NOL, around two-third owned by Singapore state investor Temasek Holdings , also posted better-than-expected quarterly earnings last week.

It said it had a fourth quarter net profit of US$177 million compared to a loss of US$211 million a year ago. Its results beat the average analyst estimate of US$121.9 million according to Thomson Reuters. -- REUTERS

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