Singaporean shipping company Neptune Orient Lines (NOL) announced the appointment of a new chief executive officer and president this week, with Ron Widdows replacing the departing Thomas Held.
The move represents the third change personnel in the position in five years, with analysts believing that it highlights NOL’s preparations to bid for Hapag-Lloyd.
Mr Widdows played a central role during the integration of NOL and shipping brand APL following a takeover in 1997 – experience that is expected to prove useful if the Hapag-Lloyd move goes ahead.
The Financial Times has reported that NOL is raising US$5bn-$7bn worth of capital for the potential acquisition of the German shipping group.
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