NOL makes bid for Hapag-Lloyd

Amidst much speculation, Neptune Orient Lines (NOL) had finally submitted a bid to buy Hapag-Lloyd shipping. It was reported that NOL planned to raise about US$5 billion to finance the bid.

In an earlier statement, NOL said that has submitted an “indicative, non-binding bid” to acquire Hapag-Lloyd from German conglomerate TUI. No further details were given due to commercial sensitivities. If successful, NOL said that it would integrate its APL container business with Hapag-Lloyd.

At this stage it is still too early to say if the bid will be successful and the process is still subject to due diligence, acceptance of the final bid, regulatory approvals and shareholders approvals. NOL is largely owned by Temasek Holdings, a Singapore government investment company.

FEFC increases BAF and cuts CAF for August

The Far East Freight Conference (FEFC) will alter its bunker (BAF) and currency adjustment factors (CAF) in August.

The BAF applicable to and from the UK- North Continent, Scandinavia and the Baltic and the Med and west coast Europe will rise to US$675 per TEU from $610, the FEFC said. The CAF for August will fall to 17.1 per cent from 17.4 per cent.