Neptune Orient Lines, Asia’s third-largest container shipping line, hired a former Singapore army chief and manager at controlling shareholder Temasek Holdings Pte as its next chief executive officer.
Ng Yat Chung, 49, will take over on Jan. 1 after Ron Widdows, 57, retires from the post at the end of this year, Neptune Orient said today in a statement to the Singapore stock exchange. Widdows took on the job in July 2008 and will remain as a senior adviser, it said.
“After a comprehensive global search, the board is fully satisfied that Ng Yat Chung is the candidate to succeed Ron Widdows in leading the company forward in its next phase of strategy,” Neptune Orient’s Chairman Cheng Wai Keung said in the statement.
Ng is joining Neptune Orient as Drewry Maritime Research says the US$240-billion container shipping industry is headed for a bust this year as liners cut rates to fill space on new vessels, ending its shortest growth cycle in at least 15 years. Growth may slow this year, Widdows said in February.
Ng will become an executive director from May 1, Neptune Orient said. He spent 28 years in Singapore’s Armed Forces and was chief of defense force before he joined Singapore state investment company Temasek, which owns 67% of Neptune Orient, according to data compiled by Bloomberg.
CAMBRIDGE GRADUATE
Ng, a Cambridge University graduate, was head of Temasek’s energy and resources group and also co-headed Australia and New Zealand as well as strategy, Neptune Orient said.
Neptune Orient lost a third of its value since Widdows took over in July 2008 as the credit crisis caused a slump in global trade. The stock closed unchanged at $1.92 today, before the announcement.
Neptune Orient posted net income of US$460.9 million ($568.8 million) last year, compared with a US$740.8 million loss in 2009, as trade and rates improved. The company ordered 12 container ships valued at US$1.2 billion in July.
Widdows was chief executive officer of APL Ltd., the container shipping unit of Neptune Orient, from 2003 before he took over his current job. He worked for APL when Neptune Orient bought the company in 1997 and is the chairman of the World Shipping Council.
Related posts:
NOL +0.5%; freight rates beating spot - UOB KayHian
Barclays ups NOL to equal-weight, cuts target to $1.61
Neptune Orient Lines posts 3Q loss of $113.7m
Neptune Orient seeks $629m cost cuts, higher cargo rates
Related posts:
- Citi cuts Neptune Orient target price, keeps buy
- NOL says container shipping volumes rose 5% y-o-y fro Jun 4 to Jul 1
- NOL says shipping volumes up 13% from Sept 24-Oct 21
- Neptune Orient halts trading in shares
Related posts brought to you by Yet Another Related Posts Plugin.
If you enjoyed this article, please consider sharing it!
