Neptune Orient Lines sinks even deeper

Unfavourable market conditions causes the company to pullout perpetual securities, which direction will it now take?

According to the research by Maybank Kim Eng Singapore, NOL recently announced a postponement of its proposed perpetual securities due to unfavourable market conditions. Maybank Kim Eng thinks that if the need for capital remains, NOL is likely to hold a rights issue. And although container freight looks to be bottoming out, high bunker costs and persistent fears of overcapacity still plague the shipping sector. The additional risk of a rights issue will likely add downward pressure to NOL’s share price.

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