Maersk Fights to Stay on top as Containership Downturn Deepens
. However, the profit was down 95 percent from the $714 million it made a year earlier. COMPETING WITH THE BIG BOYS Now it must deal with stiffer competition created by the mergers and acquisitions. The world's no. 3 player, CMA CGM of France, is in the process of acquiring Singapore's Neptune Orient Lines (NOL) for S$3.4 billion (US$2.5 billion). Last week CMA announced it would also form a joint venture with PSA Singapore Terminals to operate container berths. In China, former state-controlled rivals COSCO and China Shipping Group have merged to create China COSCO Shipping Corporation. Separately
NOL Appoints New CEO, CFO
Amid a takeover by France’s CMA CGM, Singapore container shipper Neptune Orient Lines (NOL) has named a new chief executive officer and chief financial officer. Nicolas Sartini will take over as chief executive officer, succeeding Ng Yat Chung, who has served as NOL president and CEO since 2011. New chief financial officer Serge Corbel will join Sartini as executive directors of the newly constituted 10-member NOL board. Ng will continue as executive director on the NOL board and will be a special adviser to the new chairman, Rodolphe Saadé, who is also the vice
