NOL sells stake in Lorenzo Shipping
Singapore-based Neptune Orient Lines has sold its entire 82-percent stake in the preferred capital stock of Lorenzo Shipping, the Philippines-based container shipping line, as well as its 29-percent stake in the common stock of the company, for a total of 95 million pesos ($1.7 million).
The buyer is National Maritime Corp., another Philippines-based shipping company.
Lorenzo Shipping owns and operates seven small container ships in the domestic Philippines trade.
Neptune Orient Lines, parent company of APL, said the sale of its shares in Lorenzo Shipping will not have a significant impact on earnings.