NOL completes sale of tanker business

NOL completes sale of tanker business

Neptune Orient Lines Limited today completed the sale of its product tanker and bunkering business Neptune Associated Shipping Pte Ltd (NAS) to Hong Kong-based Titan Orient Lines Pte Ltd.

The sale of NAS for US$55.1 million sees the transfer of NOL's 100 percent equity stake in NAS to Titan Orient Lines, including a 22-vessel fleet comprising three medium-range product tankers, nine coastal tankers and 10 harbor tankers with a total capacity of 205,000 deadweight tons. The sale also saw two vessels chartered in by NAS sold to Titan for $48 million.

NOL reiterated that the proceeds from the sale of NAS would be used to reduce debt.