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No big container shipping consolidation ahead - NOL chief

Wed Aug 6, 2008 10:34pm EDT

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SINGAPORE, Aug 7 (Reuters) - The boss of Singapore container shipping line Neptune Orient Lines said on Thursday he did not expect a wave of mergers and acquisitions as the group pushes ahead with a possible multi-billion dollar takeover of a German rival.

"The remaining players in our industry are all very large and diverse groups in terms of their business models. Short-term earnings softness isn't likely to compel consolidation. I don't think we will see significant consolidation in the industry because of the nature of the industry," NOL Chief Executive Ron Widdows told a results briefing.

NOL, 66 percent-owned by Singapore sovereign fund Temasek [TEM.UL], last month submitted an indicative bid for Hapag-Lloyd, the shipping arm of Germany's TUI (TUIGn.DE), in a deal that would create the world's third-biggest container shipping group. (Reporting by Daryl Loo; Editing by Jan Dahinten)



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