Bailing out of the Tanker Business

David Lim, CEO of NOL Group notes that with this sale, the company is out of the tanker business completely – the company sold its oil transportation business last year—and can now focus on its core competencies in global transportation and logistics. Purchaser of the business is Neptune Associated Shipping Pte. Ltd. (NAS), a wholly-owned subsidiary of Titan (Holdings) Ltd., Titan Orient Lines who will receive the 22 tanker fleet, including 3 medium-range product tankers, 9 coastal tankers, and 10 harbor tankers. The purchase price was $55.1 million (U.S.).